20 Signs That Europe Is Plunging Into A Full-Blown Economic Depression An economic nightmare is descending on Europe. With each passing month, the economic numbers across Europe get even worse. At this point it is becoming extremely difficult for anyone to deny that Europe is plunging into a full-blown economic depression. In fact, some parts of Europe are already there. In Spain the overall unemployment rate is over 22 percent, and in Greece one out of every five retail establishments has already been closed down. The frightening thing is that we are just at the beginning of the process for most European nations. The tax increases and budget cuts that are being implemented right now in Europe will be felt for years to come. The following are 20 signs that Europe is plunging into a full-blown economic depression…. #1 The unemployment rate for those between the ages of 16 and 24 is 28 percent in Italy, 43 percent in Greece and 51 percent in Spain. #2 Overall, the unemployment rate for those under the age of 25 in the EU is 22.7 percent.
Four legs good, six legs better? EU offers 3 million Euros for research into using insects in foods such as burgers By Rob Waugh Updated: 12:42 GMT, 30 January 2012 A Thai guide eats a grub: Around 2.5 billion people worldwide eat insects The EU will spend three million Euros to research 'the potential of insects as an alternative source of protein.' Research projects will be selected this year. Food experts agree that insects would probably have to be disguised for European audiences, so the insect 'food' could be used as an additive in burgers and other fast food. The UN's Food Standards Authority says of the research: 'While insects have not traditionally been used for food in the UK or elsewhere in the European Union, it is estimated that about 2.5 billion people across the world have diets that routinely include insects. 'While many insects are regarded as pests, the UN's Food and Agriculture authority is interested in promoting edible insects as a highly sustainable source of nutrition.' 'Food producers will probably get away with describing it as animal based proteins.
Jobless Europe: Unemployment highest since birth of euro | Economy | News By Robin Emmott BRUSSELS — Eurozone unemployment has risen to its highest level since the euro single currency was introduced, data showed on Tuesday, a day after EU leaders promised to focus on creating millions of new jobs to try to kickstart Europe’s floundering economy. Seasonally adjusted unemployment among the 17 countries sharing the euro rose to 10.4% in December, on a par with an upwardly revised November figure, the European Union’s statistics office Eurostat said. It was the highest rate since June 1998, before the introduction of the euro in 1999. “We’re looking at a further increase over the coming months, so that is worrying,” said Martin van Vliet, an economist at ING. After two years of a deep debt crisis and budget austerity, the number of Europeans out of work has risen to 16.5 million people, with another 20,000 people without a job in December from the month before. But unemployment in Spain reached a new high of 22.9% in November and December. © Thomson Reuters 2012
Europe's lost generation: how it feels to be young and struggling in the EU | World news | The Observer Maybe being young is never easy. But being a twentysomething young European has rarely been more stressful. More than a quarter (28%) of Italians between 16 and 24 are unemployed. Others are struggling to get by on unpaid internships or poorly paid jobs with little security. Italy's new prime minister, Mario Monti, has vowed to help the younger generation, promising among other things to help them start businesses, but as austerity bites deep the future is uncertain, even terrifying, for many. It's not just Italy, of course. As the eurozone crisis worsened, I went back to my hometown of Civita Castellana, 65 kilometres north of Rome, to meet my classmates from the Giuseppe Colasanti high school. When Monti announced his €30bn austerity package, he said: "Sacrifice will be required." The debt crisis that began in 2008 means redundancy hangs over many of those who have kept jobs. So meeting my schoolmates again was quite an experience. Martina Rossitto, 26, MA student, human biology
Germany lowers growth forecast for 2012 18 January 2012Last updated at 11:18 The export-driven German economy is the largest in Europe Germany has lowered its economic growth forecast for 2012, a sign of the impact of the continuing eurozone debt crisis. Europe's largest economy will grow by 0.7% this year, instead of the 1% the government predicted in October, Economy Minister Philipp Roesler said. But he insisted: "There can be no talk of recession." Germany, which has played a leading role in the eurozone bailouts, has so far escaped the worst of the crisis. In October, the German government cut its 2012 growth forecast from 1.8% to 1%. By comparison, its economy grew by 3% in 2011, official figures from the Federal Statistics Office showed. The World Bank is forecasting that the eurozone economy as a whole will contract by 0.3% this year. 'Temporary dip' "Germany is and remains an anchor for stability and growth in Europe," Mr Roesler said as he presented the twice-yearly government forecasts.
German Euro-Deputy: S&P Downgrade Part of American ‘War Against the Euro’ One of the European parliament’s most influential members, the German Christian Democrat Elmar Brok, has declared that Standard & Poor’s decision to downgrade the credit ratings of nine eurozone member states is part of a “currency war” being waged by the United States against the euro and Europe itself. Elmar Brok with Angela Merkel. In an interview with the Germany daily Die Welt, Brok said that “the downgrade is a targeted attack on Europe by the American rating agency.” Insisting that there were no “plausible grounds” for the downgrades, Brok continued, “Consequently, the S&P downgrade is a matter of interests. They have declared a currency war on us.” Asked whether he meant that the United States is “waging financial war“ on Europe, Brok specified, “Certain forces in the USA, in particular in the world of finance. A member of the European Parliament since 1980, Brok is presently the foreign affairs spokesperson of the parliamentary group of the European People’s Party (EPP).
S&P downgrades euro zone rescue fund, Greece pressured S&P Cuts Credit Ratings for Nine Euro Zone Nations - Business News Euro zone finance ministers responded jointly by saying in a statement they had taken "far-reaching measures" in response to the sovereign debt crisis and were accelerating reforms towards stronger economic union. Greek negotiators who have repeatedly voiced confidence in a deal in which private creditors would accept writedowns of 50 percent of the face value of their bond holdings said they were now less hopeful, warning of "catastrophic consequences" for Greece and Europe if they failed. "Yesterday we were cautious and confident. The Institute for International Finance, negotiating on behalf of banks, said: "Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach." The two sides are divided principally over the interest rate Greece will end up paying, which determines how much of a hit banks take. Rescue Fund Weakened France is the second largest guarantor of the EFSF, which has a triple-A rating.