Europe acted as creditors’ club

Europe acted as though it was a creditors’ club, ignoring the effect of the troika’s demands on the programme countries that have led to the loss of two million jobs, according to an assessment of the troika by MEPs.

The result has been growing unemployment with young people especially emigrating, the loss of small firms, and rising poverty rates, the European Parliament has said in its report.

The report paints a picture of austerity as an ill-conceived idea that ignored basic economic principles and failed to understand the character of the crisis.