NEWS

Warning: Create jobs or face chaos

If the West wants to maintain security and stability on the planet and hinder the possible economic collapse of the zone of Muslim countries reaching from Morocco to Saudi Arabia, it will have to come up with a major plan to help create 40 million new job opportunities in this sensitive region over the next decade, a meeting of top international bankers, financiers and investors in Athens earlier this month proposed. The meeting, with about 50 participants, was held behind closed doors at the Hilton Hotel the weekend before last. Among its participants were the deputy presidents of the European Central Bank and the World Bank. It was organized by international financier Minos Zobanakis. Participants discussed the economic prospects of the troubled region in question and the dangers springing from the plague of terrorism and from the movement of large numbers of people toward Europe. There was a general impression that the broader regions of North Africa and the Arabian peninsula face the double threat of political and economic collapse, with all that this would entail for the West and the rest of the world. These trends must be stopped in time, participants agreed. This is something that will be noted in a report that the World Bank will present in the next three months. Among the meeting’s conclusions was that the US economy will show a significant improvement in the next 10 months; the European Union must solve its political problem in order to strengthen its economy; the West, as a whole, will have to help create 40 million new jobs from Morocco to Saudi Arabia in the next decade so that the region does not collapse under the burden of poverty. Regarding Europe, an idea that gained ground was that unless political issues are solved (specifically, the way in which strategic decisions are taken, the way in which economic policy is decided and and the way in which this huge multinational organization is administered), it will be very difficult to substantially strengthen the EU economy in the next decade.