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Context of 'June 3, 2009: European Union Unemployment Rate at 21 Million'

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Greece admits it joined the euro single currency in 2001 on the basis of figures that showed its budget deficit to be much lower than it really was. Eurozone states are expected to have deficits below 3 percent of gross domestic product, but revised data show Greece has exceeded that limit since 1999. Greek press reports suggest the country’s budget deficit in 1999 was 3.38 percent. The problem was discovered by Eurostat, the EU’s statistics agency, when it visited Athens last week to examine Greece’s current budget figures. Greece had already said that its public deficit breached the European Union cap between 2000 and 2003, as the cost of hosting the 2004 summer Olympics reached €7bn. But Greece’s finance ministry had claimed that the country’s 1999 deficit, on the basis of which Greece was allowed to join the euro in 2001, was below the limit. “It has been proven that Greece’s budget deficit never fell below 3 percent since 1999,” finance minister George Alogoskoufis now admits. Katinka Barysch, chief economist at the Centre for European Reform, says the announcement will not be a surprise for Brussels insiders. “Quite a few member states did something similar because of the political imperative to join the euro as soon as possible. Greece has just gone a bit further,” she says. [BBC, 11/15/2004]

Entity Tags: Eurostat, Centre for European Reform, Greece, Katinka Barysch, Giorgos Alogoskoufis

Timeline Tags: Global Economic Crises

According to unemployment statistics compiled by Eurostat, the European Union unemployment rate has risen to 9.2 percent, its highest since September 1999, with 3.1 million jobs lost in April 2009, an increase of 556,000 from March. In the Eurozone, 396,000 jobs were shed and almost 15 million became unemployed. The lowest unemployment figures were in the Netherlands at 3.0 percent and Austria at 4.2 percent. The highest figures were in Spain at 18.1 percent, Latvia, 17.4 percent, and Lithuania, 16.8 percent. Eurostat is the Statistical Office of the European Communities located in Luxumbourg and is charged with providing statistics for comparisons between European countries and regions. The Eurozone is comprised of the 15 EU states that have adopted the euro and created a currency union. [MercoPress, 6/3/2009; Eurostat.com, 6/3/2009; Ezine Articles, 6/3/2009]

Entity Tags: European Union, Eurostat

Timeline Tags: Global Economic Crises

The jobless rate in Britain climbs to its highest level since 1995, according to the Office of National Statistics in London. The number of people out of work hits 2.47 million, while unemployment claims rise to 1.61 million for the month of July. Data recently released by the statistics office indicate that unemployment through July rose to 7.9 percent, the most since 1996, compared to the European Union’s latest figure of 9.5 percent, 9.7 percent in the US, and 5.7 percent in Japan. Bank of England Governor Mervyn King says that even after the economy stops shrinking, households will continue feeling the recession’s pain, since “unemployment is either going to continue rising or remain high.” As much as £175 billion ($288 billion) is being printed to aid economic growth and avoid deflation. “If anything, the UK economy is only just emerging from recession, and this is a lagging indicator,” says economist Philip Shaw of London’s Investec Securities. “We’re looking at unemployment peaking towards the middle of next year. Things are likely to improve at a slow rate, but it’s likely to remain uncomfortable for a long time.” Employment minister Jim Knight tells BBC News: “Unemployment still remains a real problem for families up and down the country. We’ve got to keep the support going and not be tempted to celebrate the recovery.” In speaking on the recovery, Prime Minister Gordon Brown—up for re-election in 2010—says the economic rebound “is still fragile” and stimulus programs that boost the economy should be maintained. “There are no signs of recovery here,” Trades Union Congress General Secretary Brendan Barber says. “It might look rosier in city dealing rooms but, out in the real world, unemployment is the number one issue.” [Bloomberg, 9/16/2009]

Entity Tags: Investec Securities, Bank of England, Brendan Barber, European Union, Gordon Brown, United Kingdom, Office for National Statistics, Mervyn King, Jim Knight

Timeline Tags: Global Economic Crises

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