ATHENS — Greece’s jobless rate hit a new record high of 27.6% in May, official national data showed on Thursday as the country staggers under austerity linked to its international bailout.
Data showed that those aged 15 to 24 remained the hardest-hit as the jobless rate for this age group registered 64.9%.
The euro-area jobless rate rose to a record in November as the fiscal crisis and tougher austerity measures deepened Europe’s economic troubles.
Unemployment in the 17-nation region rose to 11.8% from 11.7% in October, the European Union’s statistics office in Luxembourg said Tuesday. That’s the highest since the data series started in 1995 and in line with the median estimate of 27 economists in a Bloomberg News survey.
BRUSSELS — Eurozone factory output continued its steep fall in autumn this year, underscoring the feeble domestic demand that risks prolonging the bloc’s recession.
Industrial production in the 17 countries sharing the euro fell 1.4% in October after falling sharply in September, the EU’s statistics office Eurostat said on Wednesday. That was much worse than the modest growth expected by economists in a Reuters poll.
BRUSSELS — A number of finance firms, including Royal Bank of Scotland and Rabobank face billions of euros in fines next month from European Union regulators for colluding on global benchmark interest rates, reinforcing Brussels’ hard line on the sector after the financial crisis.
EU antitrust chief Joaquin Almunia is set to unveil a record fine of at least 1.5-billion euros (US$2.03-billion) on six banks, including Barclays and RBS, for rigging the yen Libor interest rate benchmark, a banking source said on Wednesday.
The tapering of stimulus by the U.S. Federal Reserve risks reigniting Europe’s debt crisis and pushing weak countries into a “debt-deflation spiral”, the International Monetary Fund has warned.
“The macro-economic environment continues to deteriorate. Recovery remains elusive,” said the IMF in its annual health check on the eurozone. “Growth has weakened further and unemployment is still rising. Mounting social and political tensions pose an increasing threat to reform.”
There's been a lot of talk about SHIBOR (China's version of LIBOR) and how it's been spiking lately, indicating that liquidity is very tight in China's banking system. Rates began spiking before the Dragon Boat festival earlier this month. While rates appear to have peaked, they remain at elevated levels.
Southern European countries need to resolve the weaknesses of their banking system and reform their labour markets if they are to spur competitiveness and escape the "downward spiral" of the debt crisis, according to the World Economic Forum.
Grim-faced and flanked by riot cops, two bailiffs arrive on Consuelo Lozano's doorstep in Madrid to evict the latest victim of Spain's burst property bubble.Police shove away a crowd of her friends and neighbours, dragging off several by the arms and legs.The 60-strong crowd yell obscenities at the police as they pinned back by a line of riot shields."Shame! Injustice! Banks are robbers!"A 40-year-old unemployed cleaning lady, Consuelo is the last of her family to quit their first-floor flat in Torrejon de Ardoz, a largely immigrant suburb in northern Madrid.