The long-term impact of rising unemployment among the young could be felt for decades, according to the International Labor Organization, which estimates that 73.4 million young people will be out of work in 2013.
Italy might be making friends around Europe for its anti-austerity stance, but the Organisation for Economic Cooperation and Development warned that the country must stick to implementing spending cuts.
As labor movement protests take place across Europe to mark the May Day public holiday, U.K. former prime minister Tony Blair warned that the situation in Europe is "very fragile."
Millions of children in Europe face lower life expectancy and higher risks of becoming homeless as the economic crisis continues, organizations and social policy experts told CNBC.
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