S&P: Spain, Portugal, Italy, and France are “socially explosive”

S&P's Germany head Torsten Hinrichs warned that such nations as Italy, Spain, and Portugal are on the verge of a social explosion.
Unemployment in these countries has recently peaked. Other factors contributing to the risk of a social blast are government spending cuts and fiscal consolidation.
“The high unemployment in Spain, Italy and France is socially explosive,” Mr Hinrichs alerted. “There has to be a social consensus for saving measures.”
Mr Hinrichs noted that, even though the people of Portugal and Spain do not mind fiscal consolidation, it cannot last forever.
He also commented on Italy, saying that “a new government may not be strong enough for the still necessary reforms to strengthen growth”.
Speaking about Germany, Mr Hinrichs stressed that “it is one of the few AAA and stable countries that we still have in Europe”. Mr Hinrichs pointed to a gloomy banking sector climate as the only problem of Germany, adding that it is likely to disappear thanks to capitalization.