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Europe Crisis Continues

Unemployment Hits Record High in Europe

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The bad news continues for our European friends across the pond.

Unemployment numbers in the region increased following the decision of companies like Spanish news agency Efe, Deutsche Lufthansa AG, and PSA Peugeot Citroen, to cut their numbers further. The unemployment rate in the entire 17-member Eurozone was at 11.1 percent in May–the highest since measurement started in 1995.

Spain is particularly worrying, as its unemployment rate now stands at a shocking 24.6 percent (as of May). The state-owned news agency Efe stated that it would cut loose about a fifth of its entire workforce following the loss of subsidies and customers.

Air France-KLM also recently announced plans to dismiss 5,000 workers in France.

At the recent EU Summit, state leaders across Europe struggled to arrive at a plan to alleviate the worsening crisis. A $149 billion stimulus plan was agreed upon in an effort to stem the bloodshed.

Bloomberg reports that the European Central Bank is expected to slash its benchmark interest rate to a historic low of 0.75 percent.


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