The recession has compounded Europe’s demographic problems. The riots in Greece are just the beginning. The French hate to work, and would probably have a revolution rather than work until 65. Not that a revolution would do any good, but that never seems to have stopped the French.
The New York Times reports:
With low growth, low birthrates and longer life expectancies, Europe can no longer afford its comfortable lifestyle, at least not without a period of austerity and significant changes. The countries are trying to reassure investors by cutting salaries, raising legal retirement ages, increasing work hours and reducing health benefits and pensions.
According to the European Commission, by 2050 the percentage of Europeans older than 65 will nearly double. In the 1950s there were seven workers for every retiree in advanced economies. By 2050, the ratio in the European Union will drop to 1.3 to 1.