Since 2007, these respective countries have seen their unemployment rates all skyrocket. Greece and Spain are leading the way, with U/R up more than a 300%.
The PIIG states are a dangerous combination of corruption, low wages, and tax avoidance that makes their political situation volatile. Add high unemployment to a middle class that has been pressured by harsh economic conditions, and you have circumstances right for disruption.
I am not a believer that Cyprus set the template for other European (read PIIG) deposit grabs, but it is becomes less unthinkable if the situation accelerates to the downside.
More on this later . . .
Global Financial Data
Ralph M Dillon March 26, 2013