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The 24% unemployment reached at the depths of the Great Depression was no picnic.

Barry Eichengreen

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Barry Eichengreen
Age: 72
Born: 1952
Born: January 7
Economist
Historian
University Teacher
the United States of America
Barry Julian Eichengreen
Depths
Unemployment
Reached
Depression
Depth
Great
Picnic
Picnics

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The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.
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For those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a whole, there is the danger that the productive capacity of a significant portion of the labour force will be impaired.
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While holding the eurozone together will be costly and difficult and painful for the politicians, breaking it up will be even more costly and more difficult.
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Why was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated that as many as two million workers avoided unemployment as a result of his efforts to promote work-sharing.
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