The document lists 11 European countries that use the Euro as their currency, along with their literacy rates. It then discusses reasons for debt in some of these countries, such as Ireland guaranteeing bank loans that were not repaid during a property bubble, and Spain spending heavily on bank bailouts after its own housing bubble burst in 2012. The document suggests companies in indebted countries do not hire more people because of the debt burden and that negotiating with other countries could help get out of debt over time.

1. By: Jack Gohlke, Jordyn Kowalke, Patrick Cullen

2. European Countries That Use the Euro
1.Austria
2.Belgium
3.Finland
4.France
5.Germany
6.Ireland
7.Italy
8.Luxembourg
9.Netherlands
10.Portugal
11.Spain

3. Literacy Rate of Countries
1.Austria-99 %
2.Belgium-99 %
3.Finland-99 %
4.France-99 %
5.Germany-99 %
6.Ireland-99 %
7.Italy-98.4 %
8.Luxembourg-
100 %
9.Netherlands-
99 %
10.Portugal-95.2 %
11.Spain-97.7 %

4. Why is There So Much Dept?
A few reasons for debt in these countries.
• In Ireland the cause of debt was not by government over-
spending. It was from the state guaranteeing the six main
Irish banks who had financed a property bubble. So they
basically gave a lot of the money to the banks and never
got it back.
• In Spain in 2010 they came close to a debt but was avoided
by tax revenue from the housing bubble. When the bubble
burst in 2012 Spain spent large amounts of money on bank
bailouts and is now in debt.

5. Why don’t the companies employ
more people?
• The reasons the companies don’t employ
more is, because of the debt they are in.
If they started negotiating with other
countries maybe one day they will be out
of debt.

6. Works Cited
Category. "Euro Countries - Countries Using the
Euro." Geography Home Page - Geography at About.com.
N.p., n.d. Web. 2 May 2013.
<http://geography.about.com/od/lists/a/euro.htm
Shouldered, 2013 Ireland. "European sovereign-debt crisis -
Wikipedia, the free encyclopedia." Wikipedia, the free
encyclopedia. N.p., n.d. Web. 6 May 2013.
<http://en.wikipedia.org/wiki/European_sovereign-
debt_crisis>.