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Jobless in the Crisis: Eurozone Unemployment Higher than Ever Before
Der Spiegel ^ | 10/31/2012 | (cgh with wire reports)

Posted on 10/31/2012 10:19:15 PM PDT by Olog-hai

Global financial markets have, for the moment, been calmed. The European Central Bank has embarked on its program to buy unlimited sovereign bonds as needed from eurozone countries suffering from high borrowing costs and all of those countries have adopted strict austerity programs to get their budgets in order.

That, though, has not been good for economic growth—and now the European Union has released new figures highlighting a struggling eurozone economy. According to a report released on Wednesday by Eurostat, the European Union's statistical office, unemployment in the 17-nation common-currency area stood at 11.6 percent in September, the highest it has ever been. …

(Excerpt) Read more at spiegel.de ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Government
KEYWORDS: eurobanking; europeanunion; eussr; unemployment

1 posted on 10/31/2012 10:19:25 PM PDT by Olog-hai
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To: Olog-hai

Of course that can’t happen here because we’re, well, special. /s


2 posted on 10/31/2012 10:58:34 PM PDT by preacher (Communism has only killed 100 million people: Let's give it another chance!)
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To: Olog-hai

More proof that out of control debt is not good for the economy


3 posted on 10/31/2012 11:26:38 PM PDT by GeronL (http://asspos.blogspot.com)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

A 25 percent across the board wage cut and/or a restoration of a 40 hour work week would cause a massive increase in employment in Europe. To keep prices from rising, the gubmints need only cut taxes. And then cut spending. Thanks Olog-hai.


4 posted on 11/01/2012 5:26:43 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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