thedailybell.com / By Staff Report / FRIDAY, MAY 31, 2013
Eurozone unemployment reaches new record … The seasonally-adjusted rate for April was 12.2%, up from 12.1% the month before. An extra 95,000 people were out of work in the 17 countries that use the euro, taking the total to 19.38 million. Both Greece and Spain have jobless rates above 25%. The lowest unemployment rate is in Austria at 4.9%. The European Commission’s statistics office, Eurostat, said Germany had an unemployment rate of 5.4% while Luxembourg’s was 5.6%. The highest jobless rates are in Greece (27.0% in February 2013), Spain (26.8%) and Portugal (17.8%). In France, Europe’s second largest economy, the number of jobless people rose to a new record high in April. − BBC
Free-Market Analysis: In today’s lead article we commented that top Eurocrats were backing away from the harshest measures of “austerity” – higher taxes and regulations, lower benefits and services – for fear of stoking a revolutionary trend among Europe’s Southern PIGS.
This is not our description: “revolution” and “rebellion” … these terms are being utilized at the top levels of the German sociopolitical discussion, and if they are circulating there, you can be sure they are being uttered in Brussels.
This article shows us quite clearly what we have also observed: That the palliation of Europe’s desperate masses must go hand-in-hand, from Brussels’s point of view, with a deeper political union. It is indeed a balancing act, but one that the Eurocrats are loathe to abandon.
So they will relieve the pressure on the masses, on the one hand, and continue with their goal of a deeper political union on the other. Here’s more from the BBC article:
“We have to deal with the social crisis, which is expressed particularly in spreading youth unemployment, and place it at the centre of political action,” said Italy’s President Giorgio Napolitano. In the 12 months to April, 1.6 million people lost their jobs in the eurozone. While the jobless figure in the eurozone climbed for the 24th consecutive month, the unemployment rate for the full 27-member European Union remained at 11%.