Eurozone Unemployment At Record High After EU Leaders Say Worst is Over

6cbcf305f552c69b8b17d5a41372954fd7fb Eurozone Unemployment At Record High After EU Leaders Say Worst is Over

Recent news from Europe has not
been encouraging. Unemployment in the Eurozone hit a record high of

11.8 percent in November and a new report is warning of the
growing poverty
gap.All of this recent bad
news coming out of Europe is being reported after many European
politicians said the worst of the euro crisis was over.French President François Hollande announced last month
that the euro crisis was over, saying:
The euro crisis, I’ve said it before, is behind us. We’ve given
Greece the funds it was waiting for. In Spain we’ve helped keep the
banks afloat. In Italy, even if there’s political uncertainty, I’m
sure the Italians will address it,
It is bad enough having one prominent European politician
thinking this way, but Hollande is not alone. Italian Prime
Minister
Mario Monti was saying that the euro crisis was almost over
back in March 2012. Spanish Prime Minister
Mariano Rajoy said that he was convinced that the worst had
passed in November 2012.
Wolfgang Schauble, Germany’s finance minister, has also
said that he believes the worst is over. Most recently, President
of the European Commission José Manuel
Barroso said, “I think we can say that the existential
threat against the euro has essentially been overcome,” at a
diplomatic conference in Portugal yesterday.Elga Bartsch, an analyst at Morgan Stanley, has warned against
being complacent, arguing that
politics should not be overlooked:
The euro crisis seems contained for now. But we think it is not
resolved for good. In addressing the fundamental flaws in the
euro’s institutional set-up, progress on banking union will be key.
Assuming no crisis escalation, the euro area should re-emerge from
recession and return to sub-par growth. Politics is the main
risk,
Given that Germany and Italy have elections this year and that
the xenophobes are enjoying
increased support in Greece, it seems premature for European
politicians to declare this fiasco over. At least German Chancellor

Angela Merkel seems to realize the euro crisis is here to stay
for a while. 

See original article here - 

Eurozone Unemployment At Record High After EU Leaders Say Worst is Over


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