French President Francois Hollande warns that austerity measures will lead to Europe’s explosion as the continent continues to struggle with a protracted debt crisis. “Austerity will condemn Europe to explode,” President Hollande said in a televised interview on Thursday.
“Prolonging austerity today runs the risk of not cutting deficits and certainly create unpopular governments,” he added.The Socialist president went on to say that “My priority is employment… My mission is to get France to emerge from the crisis with all means.” Other European leaders also warned in the past about the negative impacts of the austerity drive in the region. President of the European Council, Herman Van Rompuy warned of social distress in Europe earlier this month. Italian caretaker Prime Minister Mario Monti said that European Union member states could face a backlash over the austerity measures. Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland, and Spain. The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered massive demonstrations in many European countries. The long-drawn-out eurozone debt crisis is viewed as a threat not only to Europe, but also to many other developed economies in the world. MAM/HN