Brussels, 14/05/2010
These packages reflect elements of the tough conditions decided on recently by the European authorities, conditions which are even harder than those being applied by the IMF in other cases of this kind.
John Monks, General Secretary of the European Trade Union Confederation, said “Unless the conditions of EU aid are eased intelligently, the EU risks being the new President Hoover who applied austerity measures in a recession in the 1930s and triggered the Great Depression. The EU conditions are harsh and deflationary and will cause rises in unemployment and social tension. We need a more sensitive, less rigid approach from our European leaders to reconcile growth and debt repayment if Europe is to avoid a double dip recession.”
- Letter to President Barroso, President of the European Commission
