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Tuesday, January 31, 2012

Eurozone Unemployment Hits Record

As the EU political "elite" attempt to hold onto their jobs, by desperately propping up the Euro and attending a never ending round of well catered summits, they should spare a thought for the unemployed of Europe.

Figures released today by Eurostat show that unemployment in the Eurozone hit a record high at the end of last year.

The unemployment rate in the eurozone was 10.4% in December, some 16.5 million people were unemployed in December (a rise of 751,000 from the year before). A record 5.6 million of the unemployed are under 25.

Spain comes top of the unemployment league at 22.9% (51.4% of those who are under 24 are unemployed), whilst Austria comes in bottom at 4.1%.

Despite (or rather because of) the "efforts" of the Eurozone political "elite" to save their own jobs, the level of unemployment in the Eurozone continues to rise.

The "leaders" of the Euyrozone would do well to remember that by allowing such a high level of young people to be unemployed they are emulating the failures of the Middle East. As this situation worsens so do the risks of the disaffected, unemployed youth of the Eurozone emulating their counterparts in the Middle East and trying for their own "European Spring".

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