Figures showing the current employment levels in Europe have shown that the unemployment level had continued to rise in January hitting another record high at 10.7% with 16.9 million people out of work. The headline figure remains to be Spanish unemployment which is currently sitting at 23.3% which remains worryingly high and with these levels looking unlikely to fall to more manageable levels it makes it very difficult to see how an economy with so many people out of work will be able to improve its financial situation. The positive news earlier in the week from Europe showed that €530 million had been made available to European banks to help encourage growth and lending within the economy, this investment could help reverse the the unemployment situation in Europe however it will take a long time before we see Spanish employment levels falling.
Meanwhile, despite Greece getting the final OK for its €130 billion bailout fund we have now heard that the funds will not be released until private creditors give their final approval next week which is unlikely to be a sticking point. However, should next week the private creditors stand in the way of the country getting the much needed bailout funds we could see major euro weakness so despite many of us thinking we had seen the end of the Greek crisis it looks like it is set to run for at least another week.
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