Euro crisis ‘could lead to social unrest’
BERLIN — The eurozone debt crisis could lead to a decade-long recession and rising social unrest, the International Labour Organisation (ILO) has warned, according to a German media report on Sunday.
“The next few months will be decisive in terms of avoiding a dramatic decline in employment and a further sharp increase in social unrest,” news weekly Focus reported, citing the ILO’s new annual report on the labour market.
Without counter-measures, the crisis might unleash a recession that could last a decade, as governments find themselves powerless to act due to pressure to reduce their debts, Focus said, citing the ILO document.
The ILO was not immediately available for comment.
The greatest risk of social unrest exists in Greece, Portugal, Spain, Estonia, France, Slovenia and Ireland, according to the weekly.
The debt crisis has already sparked several incidents of social unrest, with strikes in Greece against austerity measures turning bloody and a violent protest in Rome injuring more than 100 people.