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Euro-area unemployment hits a record 12.1% in March according to the EU's statistics office....

Euro-area unemployment hits a record 12.1% in March according to the EU's statistics office. Although the figure is inline with expectations, it underscores the currency bloc's continuing economic woes and shows a recovery from the protracted debt crisis may still be some ways off. The news adds to speculation that the ECB will cut rates this week.
Comments (9)
  • june1234
    , contributor
    Comments (2552) | Send Message
     
    Markets love that news.European indexes are up 17% so far this yr.
    30 Apr 2013, 06:45 AM Reply Like
  • Macro Investor
    , contributor
    Comments (8929) | Send Message
     
    The only way to fix unemployment in EU is more austerity.
    30 Apr 2013, 08:44 AM Reply Like
  • jakurtz
    , contributor
    Comments (1901) | Send Message
     
    European austerity is raising taxes and no one around here believes in raising taxes to solve the debt problem. So your sarcasm is just obfuscating the truth b/c the only ones for raising taxes anywhere in the world right now are your liberal bretheren here and in Europe.

     

    Btw, the answer is obviously more spending and debt. Every modern day economist knows that if Europe would have just spent more and accumulated more debt, especially those Southern European countries, we wouldn't even be in this European not-enough-debt crisis.
    30 Apr 2013, 09:49 AM Reply Like
  • Macro Investor
    , contributor
    Comments (8929) | Send Message
     
    I wouldn't recommend spending more when there is high unemployment. It may lower it, and nothing good has ever come out of lower unemployment.
    30 Apr 2013, 06:55 PM Reply Like
  • jakurtz
    , contributor
    Comments (1901) | Send Message
     
    The absence of any Spanish debt clearly demonstrates their 27% unemployment rate is a consequence of their frugality.
    30 Apr 2013, 07:20 PM Reply Like
  • Macro Investor
    , contributor
    Comments (8929) | Send Message
     
    I agree. Spanish unemployment didn't skyrocket after austerity was imposed.
    30 Apr 2013, 08:25 PM Reply Like
  • jason2713
    , contributor
    Comments (32) | Send Message
     
    macro investor - you have it 1/2 right.

     

    More austerity coupled with huge tax cuts.

     

    They are cutting spending with huge tax hikes to sustain an unsustainable debt load. It must be liquidated.
    30 Apr 2013, 09:04 AM Reply Like
  • Macro Investor
    , contributor
    Comments (8929) | Send Message
     
    And totally dismantle the social safety nets. Don't forget that. The only way to lower unemployment is to take unemployment benefits out so that people are willing to work for free as serfs. That will lower unemployment.
    30 Apr 2013, 09:42 AM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    I think every German family should adopt a Spanish or Greek 20 year old and let them play video games in their basements.
    30 Apr 2013, 09:05 AM Reply Like
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