Eurozone jobless at record high
Monday 01 October 2012
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EmailUnemployment in the 17 eurozone countries remained a record high 11.4 per cent in August, official data revealed today.
While European leaders have calmed the markets by promising to cut spending, they have been unable to halt the rising tide of joblessness.
Economists across the political spectrum have argued that the spending cuts that are supposed to be stabilising the crisis are what's pushing unemployment higher and threatening a recession.
They have urged in vain that governments should loosen spending to encourage growth.
But many European countries have very little room in their budgets for stimulus.
Greece, for example, has lenders demanding more cuts, not spending.
And Greece and Spain have the highest unemployment in the eurozone, around 25 per cent for both.
European countries outside the eurozone are faring slightly better than those inside. The total EU unemployment for August held steady at 10.5 per cent.
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