At a conference on the economic crisis in the European Union, a corresponding member of the Russian Academy of Sciences, director of the Center for European Studies IMEMO, Professor Alexei Kuznetsov, and the Chief Scientific Officer of the Institute of Europe at the Russian Academy of Sciences, Professor Olga Butorina, discussed the recession in the eurozone, the reasons that led to this situation and the debt trap which hit many countries.
The recession in the eurozone continues and the economic statistics are deteriorating. The euro area is experiencing a triple crisis: a crisis of public debt, an international debt crisis in southern Europe and the banking crisis. The banking system in the EU, especially in Southern Europe, is in a difficult situation, it is not in a position to lend and thus help solve the problems. The unemployment rate is record-breaking: every third employable citizen of Spain has no job; in Greece it is every fourth citizen. The beginning of July was marked by a government crisis in Portugal, where the minister of finance and the foreign minister resigned due to the absence of social support for the austerity strategy.
The experts did not characterize the situation as catastrophic, but, in their view, the crisis in the eurozone will continue for a long time, as it will increase unemployment and social tensions, especially in countries such as Greece, Portugal, Spain and Italy.
