Published June 20, 2012 | By Patricia Taft
Continuing its downward spiral in the 2012 Failed States Index, Greece, the cradle of democracy, continued to fall into chaos. For a second year running, the country worsened across almost every indicator score with the political and economic indicators experiencing the deepest decline. In 2011, the Greek economy continued to backslide as the unemployment rate hovered around 20% for the year, with an estimated 50% of young Greeks unemployed. As in 2010, political crises ensued, and the perceived legitimacy of the Greek government plunged as more and more Greek citizens questioned the ability of elected officials to drag their country out of the morass. Indeed, throughout 2011, the general worsening of the indicators which measure economic, political and social pressures evidenced that the financial crisis that had gripped the country for two years was quickly spreading across multiple sectors. Public rage was palpable with tens of thousands of Greeks taking to the streets in June to protest proposed austerity measures that included significant tax hikes.