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Europe’s bruised economies search for way forward (AP)

March 19th, 2010

People line up to enter a government job center in Madrid, Friday, Oct. 23, 2009. As the United States and major European economies limp out of recession, the euro zone's fourth-largest economy remains stuck in the mire of an exploded real estate bubble and searching for new, high value-added sources of growth, both to put its 4 million unemployed back to work and chip away at deficits and debt that have triggered fears of a Greek-style crisis. Across the euro-zone's debt-stricken fringe, other countries are in a similar quandary, particularly Ireland. There, as in Spain, government coffers got fat on tax revenue from land and real estate deals encouraged by cheap credit, until the good times evaporated about two years ago. Now it's time for painful soul-searching. And skepticism that a solution will be found is a major factor fueling Europe's debt jitters. (AP Photo/Daniel Ochoa de Olza)AP - The wreckage of Spain’s economic growth model stands neatly aligned on the roads leading out of Madrid — row after row of unsold houses, windows dark, for-sale signs…

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