The International Labor Organization is warning that unless a deal can be struck to save the debt ridden nations in Europe, social unrest is likely across a broad spectrum of countries.
The eurozone debt crisis could lead to a decade-long recession and rising social unrest, the International Labour Organisation (ILO) has warned, according to a German media report on Sunday.
"The next few months will be decisive in terms of avoiding a dramatic decline in employment and a further sharp increase in social unrest," news weekly Focus reported, citing the ILO's new annual report on the labour market.
Without counter-measures, the crisis might unleash a recession that could last a decade, as governments find themselves powerless to act due to pressure to reduce their debts, Focus said, citing the ILO document.
The ILO was not immediately available for comment.
The greatest risk of social unrest exists in Greece, Portugal, Spain, Estonia, France, Slovenia and Ireland, according to the weekly.
The pain of taking away cradle to grave bennies will almost certainly lead to action in the streets, as it has in Greece, Spain, Portugal, and Italy already. A combination of state unions and anarchists could very well initiate some kind of street revolution that will roil European politics for a decade.
What Europe will look like after the unions and anarchists are through will not be pretty.