An op-ed in today's Financial Times by Allianz chief economist Michael Heise has everyone chattering about "crexit."

Heise writes that in 2013, "it may well not be a 'Grexit' for Greece but indeed a 'Crexit' – an exit from the crisis – that will come into sight."

However, nowhere in the article does Heise address Europe's staggering unemployment – and specifically youth unemployment – crisis. The latest Eurostat unemployment figures released last week indicated rising youth and headline unemployment rates in many countries as economic fundamentals continue to worsen.

Over the weekend, Daily Telegraph editor Ambrose Evans-Pritchard summed it up nicely in an op-ed of his own:

The horror before our eyes right now is social ruin. Europe’s crisis strategy is to the break the back of labour resistance to pay cuts by driving unemployment through the roof. That is what `internal devaluations’ are. It stinks. And the ECB is adding to the cruelty by keeping money too tight.

Mr Draghi deserves his accolades, but his job is not yet done. He has saved the rich. Now he must save the poor. Coraggio.

In Spain, the epicenter of Europe's youth unemployment crisis, the rate has soared to 56.5%

Note: Shaded red area represents period of eurozone membership.

Spain is second only to Greece, where 57.6% of those under 25 are unemployed

Note: Shaded red area represents period of eurozone membership.

Italy, the largest and most important economy in the euro periphery, has seen a relentless surge to 37.1% youth unemployment

Note: Shaded red area represents period of eurozone membership.

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