Eurozone unemployment hits record high
According to newly released figures from the European Statistical Office (Eurostat), an additional 123,000 people became unemployed in the Eurozone in June, raising the unemployment rate in the region to a record 11.2%, the highest level since the Eurozone was established.
According to newly released figures from the European Statistical Office (Eurostat), an additional 123,000 people became unemployed in the Eurozone in June, raising the unemployment rate in the region to a record 11.2%, the highest level since the Eurozone was established.
The figures are another sign of the region's economic woes as hopes fade that the ECB will step in this week to rescue the eurozone.
Illustration photo. (Source: Internet)
In fact, unemployment rates vary widely across Eurozone members, from just 4.5% in Austria to a whopping 24.8% in Spain.
Not only facing high unemployment, the public debt situation in Spain, the fourth largest economy in the Eurozone, remains very complicated.
According to official statistics, in the first five months of the year, investors withdrew a total of 163.19 billion euros, the largest amount of capital withdrawn from Spain since 1990.
In May alone, the amount of capital "seeking refuge" abroad reached 41.3 billion euros, compared to 68.3 billion euros for the whole of 2011.
In related developments, France and Italy have made progress in their efforts to resolve the debt crisis in the Eurozone.
During a meeting in Paris on July 31, Italian Prime Minister Mario Monti affirmed that he saw "light at the end of the tunnel," and pledged that Italy and Europe would protect the euro at all costs.
After France, the Italian Prime Minister will continue to Finland and Spain to continue to reassure markets about the situation in Italy, despite concerns that the third largest economy in the Eurozone could fall into recession.
In a phone call with Prime Minister Monti to discuss the debt crisis in the Eurozone, US President Barack Obama reiterated his support for "decisive action" to save the common European currency, helping the region escape the crisis that is having a strong impact on the world economy.
President Obama's statement supporting "decisive action" to resolve the debt crisis came right after European officials pledged to protect the euro, further demonstrating the world's determination to help the "old continent" escape the storm./.
According to (TTXVN) - DT
