Spain italy and greece are transitioning to a

Spain, Italy and Greece are transitioning into a service economy due to heavy unemployment and trade deficits.  

Explanation:  

During the recession in 2008, several countries had faced deep economic crisis including Spain, Greece and Italy. These countries had borrowed money from the European Central Bank (ECB).  Various reforms were initiated to make up with the debt crisis but on account of the trade barriers, political uncertainties, tepid growth, stagnant labour productivity, inefficient taxation, poor property rights these processes were of futile exercises.  Heavy unemployment in these countries are driving the citizens to work under the service sector. Now these countries are on the verge of Bankruptcy and a debt bubble of one trillion Euros on the horizon. A single currency ‘euro’ for a large ad diversified geographic area makes the monetary policies very challenging to implement and maintain. This has resulted in the poor economic outcomes of the southern European countries like Spain, Italy, Greece, Portuguese.