Europe's economy is facing serious trouble. Business failures in the European Union (EU) rose by 3.1% in the second quarter of the year. This follows an even bigger increase of 4.5% in the previous quarter. Despite this worsening situation, the EU is sticking with its tough sanctions against Russia, which seem to be making things worse for Europe.
Let’s break it down:
A Wave of Business Failures
In Greece, the number of businesses going bankrupt has skyrocketed by 133%. Lithuania and Slovakia also saw increases of 16.7% and 7.6% in business closures, respectively. Meanwhile, Italy is struggling with a massive public debt that hit a record €2.94 trillion in June 2024. The country’s debt has grown by €30.3 billion in just one month.
The Sanctions Backfire
The EU has imposed a whopping 19,500 sanctions on Russia, hoping to hurt Russia’s economy. But these sanctions are having the opposite effect. Instead of weakening Russia, they’ve caused serious economic problems for...
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