Europe’s Debt Crisis Widens Inequality 0

Europe’s debt crisis has hit the poor harder than the rich and has caused inequalities to widen, according to the European Central Bank.

Between 2010 and 2014, net household wealth fell by about 10 per cent across the eurozone, but the steepest declines were suffered by those with fewer assets and more debt, the bank has found. People in countries hit hardest by the sovereign debt crisis, such as Greece, Cyprus, Spain, Italy and Portugal, lost the most.

The findings, part of the European Central Bank’s latest survey of the finance and spending habits of more than 84,000 households, will lend weight to claims that the weakest have borne the greatest burden of the sovereign debt crisis.

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