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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Cyprus Looks to Its Past for Economic Reboot
(LONDON) — As it grapples with the prospect of years of economic pain, Cyprus will try to draw strength from its not-so-distant experience of invasion — and the fact a whole generation knows what it means to rebuild from scratch. But it’s a tough task. Any inspiration will be badly needed on the small east Mediterranean island nation of under a million people, as even the most optimistic forecasters predict years of recession and sky-high unemployment. In many ways, the challenge facing Cyprus now following an international bailout that effectively wipes out a hefty chunk of the banking sector is more daunting than the events of 1974 when the island was split into an internationally recognized, Greek-speaking south and a breakaway Turkish north, following Turkey’s invasion in the wake of an attempted coup by supporters of union with Greece. The country’s room for maneuver is limited, given that it has already largely exhausted the potential for development from a primarily agricultural ...
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Why Derivatives May Be the Biggest Risk for the Global Economy
Four years after the U.S. recession ended, the global economy is still beset by problems. The present danger comes from Cyprus – where the sea foam once gave birth to the goddess Aphrodite but now only creates froth in panicky financial markets. The proposed bailout plan for troubled Cypriot banks would impose losses of up to 40% on the largest depositors. And that, in turn, could undermine confidence in the banks of other troubled euro zone countries. Cyprus is only the latest challenge for global financial stability, however. In the U.S., deteriorating urban finances – from Detroit to Stockton, Calif. – threaten municipal bond holders, public-sector workers, and taxpayers. In addition, a rise in long-term interest rates seems inevitable sooner or later, either because of inflation or because the Federal Reserve backs away from its easy-money policies. Higher interest rates would mean big losses for bond investors, and also for government-sponsored entities, such as Fannie Mae and ...
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Bank of England opts against another stimulus
LONDON -- The Bank of England has opted against injecting more money into the ailing British economy, which has one foot in recession....
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Chances rising the Bank of England will start buying assets again in March: poll
LONDON - Chances are rising that the Bank of England will decide to start buying assets again next week to support an economy teetering on the brink of a third recession in four years, a Reuters poll found on Thursday.
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