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%.
Victor Alberola Salcedo was shocked when the construction of a suburban Madrid train line was halted in 2010, terminating a contract for his 17-person company. It brought home the reality of the worst economy in his country’s more than 30 years of democracy.
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.
While the US continues to digest the details of the US Fiscal Cliff Deal (the only important item is that it does nothing to address our debt or deficit problems), the EU continues to proclaim the worst to be over… while its financial system crumbles from within. The latest EU official to sound the all clear is German Finance Minister Wolfgang Schauble. On Friday he told German newspaper Spiegel Online that he believes “we have the worst behind us” in the Euro Crisis.
The financial media continues to talk about how Europe is saved. It’s odd that somehow everything is starting to look so much better now than Angela Merkel is up for re-election in Germany. Could it be coincidence that the worst Crisis in years suddenly went away right as the women with her finger on the “bailout” button needed to convince German voters that she’s doing a great job?
At first glance, it may seem as though Spain’s banking sector has little to be upbeat about, but as difficult as the economic and market environment currently is, Credit Suisse analysts say the worst of the crisis may actually be over for some of these institutions.
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.
The single most difficult aspect about analyzing market moves in Europe is the impact of the political class on just about everything. Worldwide, politicians are not exactly famous for honesty. However, Europe is a very special case… where just about everyone is lying on just about everything involving the economy and banking system.