I think you are probably right. This story goes with the same - consumer mostly:
http://www.spiegel.de/international/europe/economic-crisis-hits-the-netherlands-a-891919.html


>>I had no idea - amazing
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>I did not either... I was/am flabbergassed with this article.
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>>http://www.marketwatch.com/story/stodgy-netherlands-is-nation-thatll-blow-up-euro-2013-05-08
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>Just 2 days ago our bureau of statistics have claimed that the Netherlands is the 2nd best welfaring nation in europe (after luxembourgh). More over, our government debt is only about 75% of GDP and less than countries like Belgium or Germany.
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>If you take into account the 1.2 trillion euro of pension reserve: They can pay off the government debt twice.
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>Where this is comming from is (virtual) consumer debt, which is high because of the falling prices of real estate. Though concerning, as long a people are paying off their mortages, this is not a real problem to the economy. I truly fail to see what this has to do with the euro... Prices of the real estate were to high for more than a decade and we are now seeing a correction of that as we did in the 1980's. The EU and the euro have nothing to do with this.
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>The problem of unemployment is indirectly induced by the real estate bubble, as lots of people working in construction have lost their jobs. Yes that is a problem, but that will recover in time as it did in the 1980's
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>The Netherlands are a founding member of the EGG, later the EG and now the EU. They would be about the last one leaving the EU or Euro. The Netherlands has a huge export industry and cannot afford leaving the euro and the EU. It will lose its prominent position on this if it would do that.
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>So IMO, this article is totally bogus.