In fact, European nations need to do some serious fiscal housecleaning.
( ( In fact ) ( , ( ( European nations ) ( ( need ( to ( do ( some ( serious ( fiscal housecleaning ) ) ) ) ) ) . ) ) ) )
(ROOT (S (PP (IN In) (NP (NN fact))) (, ,) (NP (JJ European) (NNS nations)) (VP (VBP need) (S (VP (TO to) (VP (VB do) (NP (DT some) (JJ serious) (JJ fiscal) (NN housecleaning)))))) (. .)))
European nations have a lot of wasteful spending practices.
( ( European nations ) ( ( have ( ( a lot ) ( of ( wasteful ( spending practices ) ) ) ) ) . ) )
(ROOT (S (NP (JJ European) (NNS nations)) (VP (VBP have) (NP (NP (DT a) (NN lot)) (PP (IN of) (NP (JJ wasteful) (NN spending) (NNS practices))))) (. .)))