Euro Zone Crisis: Austerity Fails as Spain, Italy and Greece Millennials Are Still Jobless and Angry

The European crisis is here to stay. Although there is a general discussion that all the political actions that were taken during the past months will have a positive effect on the European economy, statistics appear to denigrate this optimistic image. 

On Friday, the European Commission has released the results of a research that examined the current social situation in terms of employment and economical status. However, the outcome was not the one expected and once again it yielded a commonplace: a destabilizing and profound political bipolarism.

The socioeconomic gap between the North and the South appears to be wider than ever, alarming not only the Commission but also the national governments about the potentiality of general social revolt and turmoil.

The focal point of the research was unemployment. It was observed that it has increased not only quantitatively (it is estimated to more than 25 million of unemployed people) but also qualitatively (the percent age of +5 years jobless individuals has doubled). Additionally, the data shows that the South was intensely stricken by the crisis, since more than 1.5 million jobs were lost in Italy, Spain, Greece and Portugal in 2012. Moreover, unemployment to the labor force 15-24 years old has increased to historical levels in the EU, exceeding 25%. Italy, Spain and Greece are still over 35% on that particular category when other countries are far below 15%.

The monthly income is another disparaging factor of this research. Strict austerity and fiscal amelioration not only did they not manage to improve the economic situation of Europeans but, as it is observed, they have raised barriers and they generated obstacles that are difficult to be surpassed. For example, only in Greece, the monthly income of a middle class family has decreased by 16%, something that in proportion with unemployment and heavy taxation can delineate the suffocating framework that has been formed. In Spain, the new measurements which will provide €40 billion to the Spanish government have already provoked social revolt, strikes and demonstrations along the country. In the high industrialized Italy, the industrial rates experience historical depths and national business forums are illustrating a rather degrading image about the future of exports.  

All the above are very concrete issues that can eloquently describe that the core problem of Europe is not just the fiscal crisis and the destabilization of the continent. When the citizens of a territory that wants to introduce itself as a pioneer of knowledge, history and economy are struggling to survive, work and study, then the problem becomes significantly social. For many, the crisis was a necessarily evil so to erase the effects of political lapses and economic dysfunctions of the past. For others, it is still a great opportunity for Europe to reprioritize and reconsider its sociopolitical self. No matter what it is, the European society is disparaged, exhausted and fearful, and if inspiration and security are not provided to the Europeans, then change will not be an option.

How likely are you to make Mic your go-to news source?

MORE FROM

White House says it knows of potential Syrian chemical attack, warns Assad of "heavy price"

The Trump administration did not provide any evidence backing the threat.

Serena Williams responds to John McEnroe's comments saying she would rank "like 700" against men

Williams said his statements were "not factually based."

People are way less likely to be helpful when it's hot out, according to study

Sorry, it's too hot out to help you move.

Democrats, the American Medical Association and US bishops blast the Senate health care bill

According to the Congressional Budget Office, 15 million more Americans will be without health insurance next year if the bill passes.

Dow Jones won’t talk about its reported pay gap problem

A study released by the union representing Dow Jones employees found evidence of a "significant pay gap between men and women" who had the same job title and level of experience.

Mom slams ACA repeal, shows what's at stake in a tweetstorm about son's health

This mom says that without the ACA, her son wouldn't get the medical care he desperately needs.

White House says it knows of potential Syrian chemical attack, warns Assad of "heavy price"

The Trump administration did not provide any evidence backing the threat.

Serena Williams responds to John McEnroe's comments saying she would rank "like 700" against men

Williams said his statements were "not factually based."

People are way less likely to be helpful when it's hot out, according to study

Sorry, it's too hot out to help you move.

Democrats, the American Medical Association and US bishops blast the Senate health care bill

According to the Congressional Budget Office, 15 million more Americans will be without health insurance next year if the bill passes.

Dow Jones won’t talk about its reported pay gap problem

A study released by the union representing Dow Jones employees found evidence of a "significant pay gap between men and women" who had the same job title and level of experience.

Mom slams ACA repeal, shows what's at stake in a tweetstorm about son's health

This mom says that without the ACA, her son wouldn't get the medical care he desperately needs.