What is happening with the European economy? Half of it in depression per this? What do you think?

Several months ago, I told my friend that I have a feeling the Irish Economy will collapse. Their great gains came from borrowing from their heavy borrowing of the EU. I told him when the wind change, the Irish would be disproportionately hurt by their huge debt. I haven't heard much about what's going in Ireland, but what your describing, it's happening now. I am watching Iceland more closely, and I was told that Lithuiania is rioting, but I also heard criminal elements were part of the reason as well.