Eurogroup: European economic crisis deepens with prolonged war on Iran: Eurogroup President Kyriakos Perakakis warned on Friday, during high-level discussions in Cyprus, that the economic crisis in Europe will deepen with the continuation of the war on Iran and the ongoing closure of vital shipping lanes in the Middle East.
According to Yemen News Agency, Perakakis said on the sidelines of a meeting with Eurogroup finance ministers in Nicosia that there is a "full understanding" that if the shipping routes are not reopened soon, "June will be worse than May, and July will be worse than June," adding, "We are monitoring the situation closely."
Crude oil prices have surged since the closure of vital shipping lanes in the Middle East to global trade, following the start of the US-Israeli aggression against Iran on February 28. High energy prices continue to put pressure on businesses and consumers in Europe.
Perakakis stated that there are stagflationary pressures, but Europe is resilient and has already begun to address the crisis. 28th of February, the United States and the Zionist entity launched a new aggression against Iran that lasted 40 days, resulting in the deaths of thousands of civilians and targeting schools, hospitals, mosques, and other infrastructure belonging to the Iranian people.
In response to the aggression, Iran launched Operation True Promise 4 against the Zionist entity and American bases in the region, and closed the Strait of Hormuz to the aggressors and their allies.