Specter of Bank Failures Haunts Europe


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An analyst says austerity is deepening socioeconomic impact in the Euro Zone and IMF treatment of Cyprus is a sign that bank failures across Europe could worsen. In the background of this the EU warns of escalating social crisis and violence. Observers are also citing signs of worsening socioeconomic impact of financial crisis in Europe particularly in suicide rates and job losses.

Results of a recent study shows that suicide rates rose by 40 percent in Greece in 2011. Austerity has led to record high unemployment and outbreaks of diseases including some not normally seen in Europe. Greece, Spain, Portugal, Italy and Cyprus have been hit hardest so far.

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Press TV has interviewed Chris Bambery, political analyst, London about this issue.

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