SAN SALVADOR. - Former president Leonel Fernandez said austerity policies implemented in several European countries have led to an economic recession, the growing problem of unemployment and the persistence of the global economic crisis.

 The former president’s statement came during his participation as a panelist in the Latin America and Caribbean Economic Commission’s (ECLAC) 34th Session held in El Salvador’s capital.

Fernandez said the austerity policy implemented is benefiting Northern European nations such as Germany, Austria, Finland, Denmark and the Netherlands, because the euro’s devaluation has contributed to an increase in exports outside the region of those countries.

 He said moreover that it’s the southern European countries which have been most affected, citing Spain, Portugal and Italy, which regardless of the measures taken to meet market requirements, it always reacts adversely , further aggravating their economic and social situation.

 Fernandez said there are two blocks in Europe which have different interpretations of how to end the crisis, and said to curb the incidence of northern European nations, France's socialist government of President Francois Hollande, has ended with agreeing with the administration under Spain’s conservative Popular Party, to, through policies to promote growth and jobs leave the crisis behind.

 He noted that together with an economic and financial problem of international character, the global economic and political crisis is having very strong social tensions which are being politically expressed.