Euro zone unemployment touches new height

The Unemployment graph in the 17 countries which practice the same currency had been recorded as 10.7 per cent in December, unaffected from November’s data that was modified up from 10.3 per cent. There were about 16.5 million people who were kept out of job in the European land in December, as the agency Euro stat says.

As the data has been released, the highest rate of unemployment was recorded in Spain and the lowest one in Austria. The rate of unemployment has been increasing throughout the last year 2011, as the loan crisis in the zone has sustained. In the year of 2010, the rate of unemployment was figured of 10 per cent.

An economist of Citigroup has stated that he wished the number of citizens unemployed to be increased all over the year 2012. All the European Union countries witnessed about 9.9 per cent unemployment rate with 23.8 million people unemployed. The largest growth in unemployment rate was found in Greece, Spain and Cyprus. On the other side, the lowest growth was found in Latvia, Lithuania and Estonia.

The matter of employment and financial development was very main topics at the summit of European Union leaders in Brussels. On Monday, the data revealed that the Spanish financial situation came down by 0.3 per cent in the last four month in year 2011. It is now extensively projected that Spain would come into the crisis in the last four months of the year 2011. Besides, France cuts its development forecast for this year 2012 to 0.5 per cent from 1 per cent to get into the consideration the decline of the financial circumstances. Need cash in quick time apply for short term loans for bad credit @ http://www.shorttermloansforbadcredituk.co.uk/ and get funded within a day.

At the Brussels meeting, only 25 members decided to join the financial agreement, intended to a great extent closer co-ordination of funds scheme across the European Union to stop the too much loan accumulating. The UK and Czech Republican didn’t decide to make the agreement. The prime minister of UK has stated that they are aware of the officially permitted worries about the practice of European Union organization in putting in force the financial agreement, even as the Czech Republic quoted the legitimate causes for not joining the treaty. The treaty has been drafted to bring stability in the European financial market and the members are very keen to bring balance in their trade.

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