Eurozone Unemployment Reaches Record High

Credit:mammal/flickrCredit:mammal/flickrUnemployment in the eurozone reached a record 12.1 percent in March. Of the 17 countries in the single currency bloc Greece recorded an unemployment rate of 27.2 percent, the highest in the single currency bloc. Spain recorded the second highest unemployment rate in the eurozone, with an unemployment rate of 26.7 percent. 

From the BBC

Unemployment in the eurozone has surged to a fresh record high, while inflation has fallen to a three-year low, boosting expectations that the European Central Bank will cut interest rates.

Unemployment in the 17 countries using the euro hit 12.1% in March, up from February's 12%, according to official figures from Eurostat.

In total, 19.2m people are now out of work in the region.

Separate Eurostat data showed that inflation slowed to 1.2% in April.

Greece and Spain recorded the highest unemployment rates in the eurozone, at 27.2% and 26.7% respectively, while Austria, at 4.7%, and Germany, at 5.4%, had the lowest rates.

The news of the all-time high eurozone unemployment figures comes shortly after a new government was formed in Italy, where the unemployment rate is 11.5 percent. Enrico Letta, Italy’s new prime minister, has spoken out against the “austerity” that has been implemented in Italy. Of course, as German Chancellor Angela Merkel recently said, what others are calling austerity is only “balancing the budget.” Unfortunately for Merkel, this sort of approach is not very popular in the eurozone. 

Whenever austerity is mentioned in the context of what is happening in Europe it is always worth remembering what sort of "austerity" is actually being discussed in Europe. Reason columnist Veronique de Rugy spoke to Nick Gillespie about how much "austerity" is to blame for Europe's woes last year.

 

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  • Hugh Akston||

    Fortunately for all those poor unemployed people, European countries have advanced welfare states and healthcare that doesn't cost anyone anything. So they'll all be fine.

  • Warrren||

    Have a big enough shadow economy and it doesn't matter. People will find ways to make money.

    Of course it's hard to have very large businesses like factories and the like so top-end hard to produce items and thus jobs suffers.

  • ||

    Is unemployment rates in Europe calculated the same as the US?

    Where we magically have under 8% unemployment yet lost 90 million jobs.

  • Brandybuck||

    Europe is a liberal's utopian wet dream. If there's economic problems there then obviously it's because of the evil austerity. Get rid of those last reactionary holdouts from Nazi Germany, and it's economy will take off like a North Korean missile!

  • CE||

    Yes, austerity is to blame. Not that it's actually been tried, but people have talked about it, and the people doing the blaming need a scapegoat, to distract attention away from their policies.

  • Calidissident||

    But Tony tells us that Europe is so awesome and all our problems would be solved if we were more like them!

  • MarioSmario||

    Europe is a wonderful place--- as long as you're on a 2-week vacation, spent most your time in 3-star hotels, and you get to fly back home to Long Island!!

  • UnCivilServant||

    Darn, I only went for a one week vacation, stayed in a four star hotel and flew back to an apartment in upstate. I must be doing it wrong, because Europe was a shithole with no parking for the rental car.

  • WomSom||

    That dude just seems to know whats going on man.

    www.GoGetAnon.tk

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