“Consequences of EU financial assistance programmes have been underestimated”,said ILO’s Raymond Torres
At a European Parliament public hearing on the employment and social aspects of the role of the Troika in euro area programme countries, Raymond Torres said that the negative effects of Financial Assistance Programmes in crisis-hit countries have been underestimated.
11 January 2014
On the 9th of January 2014, at a European Parliament’s public hearing on the employment and social aspects of the role of the Troika in euro area programme countries, Raymond Torres, the head of the ILO Research Department, said that the negative effects of Financial Assistance Programmes in EU crisis-hit countries have been underestimated.
“Financial Assistance Programmes led to increased unemployment, the collapse of investment and a decline of SME’s. Austerity has affected young people disproportionally, scarring a whole generation, and the risk of poverty has increased in countries like Greece and Portugal – especially for children”, he said. Torres concluded by suggesting that an alternative would require a growth strategy, balanced structural reforms and more consultation and coordination inside the EU.
Professor Petros Stangos of the Council of Europe, for his part, referred to the decisions of the European Committee of Social Rights, which found that certain measures taken in Greece are in contradiction with the 1961 Charter.
On January 27th, the European Social Partners were also heard at the European Parliament on the impact of the Troika measures in Ireland, Greece, Portugal and Cyprus. James Watson, Business Europe’s Director and Veronica Nielson, ETUC Confederal Secretary exposed their respective views to Members of the European Parliament.
“Financial Assistance Programmes led to increased unemployment, the collapse of investment and a decline of SME’s. Austerity has affected young people disproportionally, scarring a whole generation, and the risk of poverty has increased in countries like Greece and Portugal – especially for children”, he said. Torres concluded by suggesting that an alternative would require a growth strategy, balanced structural reforms and more consultation and coordination inside the EU.
Professor Petros Stangos of the Council of Europe, for his part, referred to the decisions of the European Committee of Social Rights, which found that certain measures taken in Greece are in contradiction with the 1961 Charter.
On January 27th, the European Social Partners were also heard at the European Parliament on the impact of the Troika measures in Ireland, Greece, Portugal and Cyprus. James Watson, Business Europe’s Director and Veronica Nielson, ETUC Confederal Secretary exposed their respective views to Members of the European Parliament.