Economic stagnation and high levels of joblessness risk sparking a “social rebellion” in Europe, Luxembourg Prime Minister Jean-Claude Juncker and former head of Eurogroup said Thursday. Speaking on his way into a meeting of European Union heads of government, Mr. Juncker said as long as growth prospects remain dim and unemployment stays high, Europe will face a deep problem.
“I am for [fiscal] discipline, [but] consolidation mustn’t squeeze out growth,” he said. “We need to find a new intersection between consolidation policies and much-needed growth policies.”
Protesters wear Greek traditional attire out of solidarity with the debt-ridden country
While EU leaders acknowledge that action is urgently needed, thousands of workers protested in Brussels demanding an end to austerity measures and focus on boosting growth and reducing unemployment.
The demonstration vented frustration over years of austerity imposed by EU leaders that unions and many economists say is worsening the recession and driving ever more people into unemployment.
There are 26 million people without work inside the EU boundaries.
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