‘European banks are technically bankrupt’

 

A new report by the International Labor Organization (ILO) says the Eurozone is in danger of losing 4.5 million jobs over the next four years, unless it changes its current economic policies.

 

According to the report, if the 17-nation bloc does not prevent the spike by shifting away from austerity, the number of its unemployed workers will reach to 22 million.

 

“It’s not only the eurozone that’s in trouble, the entire global economy is at risk of contagion,” the report said.

 

It also added that young people are to be severely hit by the unwelcome consequences of a longer period of austerity.

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 ‘European banks are technically bankrupt’

 

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