The Euro Zone is going though some very difficult times, especially with the recent news regarding capital controls in Cyprus. Well, these troubling times are affecting the job market. The unemployment rate hit 12 percent after the first two months of the year, which is a record high. Cutting government spending and raising taxes - especially in Greece - has taken its toll. With less government spending, the job market gets hit and the demand for goods and services decreases. Greece is the country with the worst unemployment, 26.4 percent last recorded in December, and the youth in Greece are truly suffering with the unemployment rate rising all the way to 58.4 percent. Spain comes in second, with the overall unemployment reaching 26.3 percent in February.
The link below outlines unemployment rates all over the Euro Zone and some underlying reasons for the high percentages.
Link: http://www.nytimes.com/2013/04/03/business/global/unemployment-in-euro-zone-reaches-a-record-high-of-12-percent.html?pagewanted=2&hp&_r=0
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