Bank Run Hits Greece, 10% Unemployment Hits France
France’s unemployment rate has risen to 10 percent, with millions of French citizens looking for work as Europe’s economic crisis shows no sign of letting up.
The economic problems Europe just aren’t going away.
In fact they are getting much worse.
Of course, $10 a gallon gas in Paris seems to be the least of the continent’s worries as Greece is still stuck without a government or a leader as warring political parties spar over the nation and the Euro’s future.
The latest GDP data, as reported by Bloomberg, confirmed the continent has again slipped into recession.
With the Italian economy unexpectedly contracting worse than forecast, Spanish banks going insolvent and being nationalized (2008 anyone?), and the Greeks pulling their money out of bank ahead of a looming collapse and hyperinflation we can now add a 10% unemployment rate in France.
This is especially important because it will give newly elected French Socialist President Hollande the political firepower needed to follow through with his campaign promise of not following through with years of planned austerity measures that are supposedly the only way to fend off the collapse of the Euro.
Speaking of the Euro, Holland has also been throwing around threats of tearing up the EU fiscal pact altogether while everyone knows that Germany and France are the only nations holding up the EU in the first place.
By the way, did you happen to see the millions of protestors hitting the streets in just about every major city in Europe over the weekend or did the media forget come Monday morning?
Via Press TV, On the French Unemployment rate:
Unemployment hits 10% in France
According to the French National Institute for Statistics and Economic Studies (Institut National de la Statistique et des Études Économiques or INSEE), France’s unemployment rate is skyrocketing and nearly three million French people are looking for a job.
French households are struggling to make ends meet, and new trends are emerging, with temporary jobs on the rise because full-time jobs are becoming scarcer.
“In France, the temp industry is growing now because we have problems with unemployment, as in many countries in Europe, and temping is, of course, a good way to find a job. 25 percent of the people have chosen to be temps,” Francois Roux of the Prisme Employment Agency said.
However, France has always had a high rate of unemployment, making it one of the biggest challenges for the country’s new president, Francois Hollande.
In his election campaign, Hollande promised to create thousands of state sector jobs and to lighten up the country’s austerity measures.
Source: Press TV
On the new resurgent run on the Greek banks
US stocks slump on Greece woes
US stocks have closed at three-month lows as more investors are worried about the political stalemate in Greece.
On Tuesday, the Dow Jones Industrial Average dipped 63.35 points (0.50 percent) to close at 12,632.00, the lowest level since January 19, while the S&P 500 fell 7.69 points (0.57 percent) to 1,330.66, CNN reported. The Nasdaq Composite Index shed 8.82 points (0.30 percent) to close at 2,893.76.
The last two indexes finished at the lowest levels since February 2.
The collective plunge followed news that depositors in Greece — the epicenter of the eurozone debt crisis — withdrew EUR 700 million from the nation’s local banks on fears that the European country might have to stop using the euro as its legal tender amid Greek leaders’ failure to form a coalition government.
The lingering political uncertainty in Greece has already affected markets in Asia and Europe.
Source: Press TV