Eurozone unemployment reached a record 12pc in February and looks certain to ratchet higher as fiscal cuts deepen and manufacturing continues to struggle, raising the spectre of social explosion across southern Europe.
by Ambrose Evans-Pritchard, The Telegraph:
A total of 19m people were out of work in the 17-member bloc in February, the European Union’s statistics office said on Tuesday, a rise of 1.77m on the same month last year.
Greece was the worst affected, with unemployment at 26.4pc, but Spain remains the hardest hit of the large economies with a jobless rate of 26.3pc. Youth unemployment is above 60pc across large parts of the country. Almost 2m jobless workers have been out of work so long in Spain that their benefits have expired.
“Such unacceptably high levels of unemployment are a tragedy for Europe and a signal of how serious a crisis some eurozone countries are now in,” said EU jobs commissioner Laszlo Andor.
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