Netherlands on Edge of Economic Crisis; Unemployment Surges as Home Prices Collapse

Netherlands is underwater in more ways than one. Der Spiegel reports Underwater: The Netherlands Falls Prey to Economic Crisis More than a decade ago, the Dutch central bank recognized the dangers of [the housing] euphoria, but its warnings went unheeded. Only last year did the new government, under conservative-liberal Prime Minister Mark Rutte, amend the generous tax loopholes, which gradually began to expire in January.

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Netherlands on Edge of Economic Crisis; Unemployment Surges as Home Prices Collapse