Two economic bombs are ready to explode in the EU: unemployment and bank losses.
Real unemployment figures have been concealed due to the massive temporary absence from work, a measure that has allowed workers to stay on the company’s payroll. However, this is going to change when government aid measures expire and millions of workers will be laid off. According to new Eurostat figures, “In the second quarter 2020, a total of 40.9 million persons were absent from work in the EU, an increase of 18.6 million compared to the first quarter 2020. This increase is almost exclusively due to a sharp increase in temporary lay-offs, which rose from 2.4 million persons to 19.3 million persons.”
