Eurozone Summit Fails to Address Unemployment
Günther Lachmann, Die Welt (in German) | October 27, 2011
As Eurozone leaders agreed to continue with austerity and forced the banks to write off 50 percent of Greece's debt, the effect of these measures will hardly be felt by Southern European countries plagued by unemployment. ++ Medium and small businesses are teetering on the edge of bankruptcy resulting in massive layoffs and a drastic drop in productivity. ++ Bailouts and austerity measures may help banks and financial speculators recover, but they will not help stimulate growth or provide new jobs for Europe's unemployed youth.
