Eurozone Unemployment at Record 12 Percent
(LONDON) — Unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999, official figures showed Tuesday. Eurostat, the E.U.’s statistics office, said the rate in February was unchanged at the record high after January’s figure was revised up to 12 percent from 11.9 percent. (MORE: Europe’s Crisis Measures Are Working…Sort Of) Over the month, a net 33,000 people in the eurozone joined the ranks of the unemployed. Spain and Greece continued to suffer from unemployment rates above 26 percent, and many other countries were seeing their numbers swell to uncomfortable levels. It’s not all doom and gloom. Germany, Europe’s biggest economy, has an unemployment rate of only 5.4 percent. That’s even better than the U.S. rate of 7.7 percent. The February figures came before the recent Cyprus crisis, which has reignited concerns over the future of the euro. Under the terms of its bailout, big depositors ...
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How Debt-Ravaged Greece Aced a Financial Literacy Survey
Greece is in such financial turmoil that its people are rioting in the streets and the country risks being tossed from Europe’s Economic and Monetary Union. Yet in a recent personal financial literacy assessment, the Greek people were found to be the most savvy in all of Europe. This seemingly impossible finding comes from ING Investment Management, which polled 5,500 adults in 11 nations and found that Greek “retail investors” scored the highest marks. The poll asked 13 questions about retirement saving, mortgages, credit cards, bank savings accounts, and the stock market. The Greeks, a people long dependent on state entitlements but now experiencing massive pension and salary cuts, have had virtually no grounding in personal finance. In interviews with Athens bankers this fall, the only shred of financial education I could uncover was the recent opening of the National Museum of Economic History. I wrote at the time: “Amid this upheaval, there’s been little effort to join the ...
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Experts: Greece riskier for investors than Syria
An annual survey of finance directors from global business consultancy BDO finds that the crisis over too much government debt in Europe remains one of their key concerns — so much so that Greece is considered a riskier place to invest and set up business in than war-torn Syria.
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Is 'bailout fatigue' creeping up in Europe?
Tuesday, October 2, 2012 - 10:54 Sean Gallup/Getty Images Whispers and nameless sources this morning are signaling Spain is preparing to ask the European Central Bank for a sovereign bailout. Whispers and nameless sources this morning are signaling Spain is preparing to ask the European Central Bank for a sovereign bailout. Bond and equity markets in Spain and elsewhere in Europe have zigged and zagged throughout the day depending on the winds. Recently Spain has been the focal point of international attention with violent anti-austerity riots last week and the government has come under pressure to make a formal request for a full government bailout. The European Central Bank has signalled that it is ready to step in, but various news outlets are reporting that Germany has privately asked Spain not to request a bailout. It is suspected that Germany would like to delay Spain's bailout a few weeks and lump it together with Cyprus, Greece and others. Political will is dwindling domestically ...
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PODCAST: Goldman Sachs CEO says U.S. must act responsibly on fiscal cliff
Tuesday, October 2, 2012 - 11:41 Chris Kleponis/AFP/Getty Images Lloyd Blankfein, chairman and CEO of Goldman Sachs. The New York attorney general has sued JPMorgan Chase . The issue is mortgage-backed securities peddled by its Bear Stearns unit, leading up to the financial crisis. The case could be a bit of a game-changer. The National Retail Federation this morning predicts we'll buy 4 percent more stuff this holiday season . That would be slower growth than in the past two years. CoreLogic says U.S. home prices rose almost 5 percent in August, the biggest annual gain in six years. Greece started a round of talks with its European lenders today. The government put out its new austerity budget yesterday. It's stuck between creditors who are skeptical the reforms will be enough, and Greek protesters who say the cuts will destroy the Greek economy. Meanwhile, whispers and nameless sources this morning are signaling Spain is preparing to ask the European Central Bank and its creditors elsewhere ...
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