Hostility to EU may grow unless recovery spreads

Ratings agency Standard & Poor’s are warning that the backlash against the European project could grow unless the economic recovery is felt by the people on the ground.

In an assessment of the recovery of the eurozone entitled, The Long Haul: Eurozone Deleveraging Could Stunt Growth For Years, the ratings agency predicted that it could take years for the eurozone peripheral nations to deleverage — which will continue to dampen their economic performance.

Standard & Poor’s chief sovereign rating officer Moritz Kraemer said that unless the tough actions taken by governments begin to bear fruit, they risk fuelling a further radicalisation of voters.