In Europe, a Mood of Austerity and Anxiety

According to Wikipedia: "Austerity is a policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided. Austerity policies are often used by governments to reduce their deficit spending while sometimes coupled with increases in taxes to pay back creditors to reduce debt."

Soon enough such could be the scenario of a European nation, Greece, and the European Union eventually. The European Commission in its statement affirmed that the European Union’s economic growth rate has slowed down with unemployment rate fixed at 10 percent in the last few months. While some individuals in Europe view the current economic situation as an opportunity for innovation, most of the Europeans fear of the high unemployment rate and the difficulty that they would have to face to make ends meet when their savings run out.