Austerity measures bad for EU



The jobless rate remains so high in the eurozone that experts say austerity measures will not solve the problem due to the 'huge' debt countries are in.

"Because of this huge debt even the austerity measures are not going to solve it and even after them (austerity measures) the situation will be worse," Professor of Binary Economics Rodney Shakespeare told Press TV on Friday.

Citing Greece, Shakespeare said, after the country's austerity measures, the compound interest would take its national debt to 150 percent of Gross Domestic Product (GDP).

In Shakespeare's opinion, to solve the problem, banks must stop making money and instead open up a new money supply to solely develop and spread the real economy to everybody.

"If you do not do that, you are going to end up being controlled by the financial elites and the corrupt Wall Street and the corrupt city of London and the thing will go on and on getting worse and worse."

The remarks come amid reports that the unemployment rate in the eurozone has remained at its highest level for the sixth successive month.

According to the latest figures released by the European Union, nearly 16 million Europeans are jobless in the eurozone -- that is 10 percent of the population.

Spain, however, is the worst affected nation with a jobless rate of over 20 percent.

Meanwhile, hundreds of thousands of people from across Europe have poured onto the streets of the Belgian capital, Brussels, to express their anger at austerity plans.

Millions of jobs have been cut in Europe and many more are set to be squeezed as governments axe public spending in a bid to save the melting economy. 

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