Things are getting pretty freaky around here in Spain. We've got some horrible (freedom-wise) laws passed recently and we're all angry about them. They've been trying to for several years, and now that people is tired of fighting these stupid laws back they can pass them. This basically means that Google would need to pay to index newspapers.
For Spain, speaking sociologically, how long can an advanced country have 30%-35% real unemployment, before there are severely destabilizing effects that tumble out of that (culturally, politically and so on). Greece is facing a similar context and similar extreme unemployment problems. I would think it dramatically increases the risk of getting dangerous politicians that start making fantastical promises, with voters increasingly willing to buy into them.
There has been a near total collapse across Europe of the system of promises that were made, that support the premise of the modern welfare state. Only a few countries have been spared (either partially or totally), such as Norway, Sweden, Finland, etc. France's economy for example is smaller than it was in 2004 inflation adjusted. GDP for the whole of Europe is still below 2007 levels. Even Finland's per capita GDP hasn't increased since 1990 inflation adjusted. How long can such stagnation continue before there are severe consequences.