Austerity pushing Europe into social and economic decline, says Red Cross

A homeless man begs for money in Athens. Photograph: Milos Bicanski/Getty Images

Europe is sinking into a protracted period of deepening poverty, mass unemployment, social exclusion, greater inequality, and collective despair as a result of austerity policies adopted in response to the debt and currency crisis of the past four years, according to an extensive study being published on Thursday.

"Whilst other continents successfully reduce poverty, Europe adds to it," says the 68-page report from the International Federation of Red Cross and Red Crescent Societies. "The long-term consequences of this crisis have yet to surface. The problems caused will be felt for decades even if the economy turns for the better in the near future … We wonder if we as a continent really understand what has hit us."

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