Eurozone social unrest may rise - ILO

Greece: The International Labor Organization (ILO) has warned that the eurozone debt crisis could lead to a decade-long recession and rising social unrest. "The next few months will be decisive in terms of avoiding a dramatic decline in employment and a further sharp increase in social unrest," AFP quoted news weekly Focus as saying in a report on Sunday, citing the ILO's new annual statement on the labor market.

In the absence of any counter-measures, the crisis might unleash a recession that could last for a decade; this comes as governments find themselves powerless to act to reduce their debts because of the increasing pressure. The greatest risk of social unrest exists in Greece, Portugal, Spain, Estonia, France, Slovenia and Ireland, according to a German media report.

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.

The eurozone plunged into a financial crisis in early 2010. On Thursday, European leaders persuaded EU banks to take heavy losses on their holdings of Greek debt, increased the amount core capital lenders must hold, and boosted their bailout fund to one trillion euros in order to resolve eurozone's debt crisis. However many analysts believe more measures are required to prevent the crisis from spreading. There are fears that more delays in resolving the eurozone debt crisis could push not only Europe but much of the rest of the developed world back into recession.

Monday, Press TV