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  • sage2123 sage2123 Apr 26, 2013 9:04 AM Flag

    EU Update

    A sure sign of the economic recovery.

    The eurozone debt crisis extracted a heavy price in Spain and Greece to start the year as labor markets in both countries continued to shed jobs.

    The number of unemployed in Spain broke the 6 million barrier during the first quarter, a new record. The unemployment rate rose to 27.2%, according to data released Thursday by the government.

    Spain's out-of-control unemployment is matched in Europe only by Greece, which posted a 27.2% jobless rate for January, the most recent month available.

    Spain's economy, the fourth-largest in the eurozone, is much bigger than that of Greece, and more systemically important.

    But the countries have been plagued by a similar concoction of budget deficits and economic stagnation. Both responded with austerity measures that have eased their debt problems but have hurt their economies.

    They also share severe crises in youth unemployment.

    In Greece, 34.2% individuals aged 25 to 34 are unemployed. It's even worse for younger workers -- 59.3% of Greeks aged 15 to 24 are out of work.

    For Spaniards aged 16 to 24, the unemployment rate is 57.2%.

    Sentiment: Sell

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