Eurozone public 'unlikely to continue accepting austerity'

18 March 2013

Continued austerity measures in the eurozone are likely to provoke a serious social reaction sooner rather than later.

That is the opinion of Torsten Hinrichs, Germany head at Standard & Poor's (S&P), who believes the governments of struggling member states in the economic bloc may find it difficult to implement all the reforms they want to due to public opposition.

During an interview published in the Neue Osnabrucker Zeitung today (18 March), Mr Hinrichs noted that people are becoming increasingly less willing to accept policies such as spending cuts, Reuters reports.

"The high unemployment in Spain, Italy and France is socially explosive. There has to be a social consensus for saving measures," he stated.

Mr Hinrichs went on to say that while the people in Portugal and Spain have already shown they are willing to accept austerity due to the severity of their respective countries' situations, "this cannot continue forever".

By Gary Cooper

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