Unemployment Is Rising In European Countries

Greece has been struggling through a financial crisis for the past two years, and has been relying on billions of euros in international rescue loans from other eurozone countries and the International Monetary Fund since May 2010 Photo: Bloomberg

Greek Unemployment Hits Record While French Jobless Rate Reaches 10pc -- The Telegraph

Eurozone unemployment marched higher on Thursday as Greek joblessness reached a new record and France's jobless rate hit the psychologically damaging 10pc mark.

Greece's unemployment rate shot up to 21.9pc in March, rising sharply from the 15.7pc rate in the same month last year and up from 21.4pc in February, the country's statistics agency said.

Almost 1.8m people were registered as unemployed in the nation of 11.3m, according to Greece's Ase statistics agency.

Elsewhere in the crisis-hit eurozone, France's unemployment rate rose to about 10pc in the first quarter, up from 9.8pc in the previous three months, according to Bloomberg.

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My Comment: In the short term, bond investors are going to fall in love with the French debt. But ..... the French government's solution to solving the unemployment crisis is the same solution that the communists always used in the former Soviet Union .... in short .... you can never lose your job. Unfortunately .... as one who witnessed all of this in the former Soviet Union .... all that will be accomplished will be the wrecking and destruction of your more profitable industries.

My prediction .... by following policies that have never worked in any country, it may take a few years but France will follow Greece, Spain, and Italy in committing economic suicide.