A Closer Look

Europe suffocates in unemployment – The Pravda

In early 2012, many analysts were predicting the imminent resumption of the recession in Europe. Against the backdrop of the worsening debt problems of Greece and Spain, the economic performance indicators in the EU for the first quarter were not the best. Now, the united Europe is threatened by a new attack: unemployment growth does not stop for the fourth consecutive year.

Another record was broken in March of 2012: the total number of unemployed in the EU has reached 10.8 percent. If the trend does not change, the impact on socio-economic sphere can be very sad.

What is behind the official European data on unemployment that is approaching 11 percent? Let’s start with the fact that the real number of the unemployed in the EU is very different. While in Spain by early April the unemployment has reached 23.6 percent, in Austria, it was at 4 percent. Thus, Spain and Austria are at the opposite poles, and in the middle of the list are England (8.3 percent) and France (9.8 percent)….

For the majority of the EU countries the current trend of job losses is likely to persist in the next five years. The increase in the army of unemployed Europeans faces new social upheaval, comparable with the student unrest in France in 1968. Just look at Greece, where the riots began to occur with alarming frequency. In the south of Europe the rate of unemployment among young people is particularly high. In Spain and Greece, the number approaches 50 percent. If the masses of unemployed young people splash out into the streets, Europe will be engulfed in chaos.

However, the fundamental solution of the problem of unemployment in the EU does not yet exist. The logic of the budget savings of the government continues to maintain a dangerous path of the new cuts. The pace of economic recovery in Europe is still slow. The number of jobs in the private sector in these conditions is very limited. Therefore, hopes of ordinary Europeans for a positive change in the labor market are becoming more elusive…


Read Moore @ Europe suffocates in unemployment – English pravda.ru.

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