Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/31/2013 (1 year ago)

Catholic Online (www.catholic.org)

Some contries are fearing a 'lost generation.'

Eurozone unemployment has reached 12.2 percent and in some places almost a third to two-thirds of all youth are unemployed creating concerns that an entire generation will be lost.  France is now witnessing its highest unemployment in history as businesses deal with sharp tax increases.

Young protesters come out to rally against high unemployment and government cuts.

Young protesters come out to rally against high unemployment and government cuts.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/31/2013 (1 year ago)

Published in Europe

Keywords: Eurozone, economy, unemployment, confidence, consumer spending, France, Greece


LOS ANGELES, CA (Catholic Online) - New statistics released from Europe show that unemployment is the highest it's ever been in the Eurozone since 1995. It is also in its longest recession since its creation in 1999.

Southern Europe, including Greece, Italy, Spain, and France are experiencing severe unemployment. France has the second largest economy in Europe, so its financial woes do much to depress the Eurozone.

About forty percent of French youth are jobless.

Even the greatest financial optimists have given up home for a strong recovery. Any recovery in Europe will be both slow and weak.

This has Eurozone officials casting about for options that go beyond interest rate cuts and printing currency.

The heart of the problem are over-generous pension and welfare programs, which the governments cannot afford to sustain. Despite the ongoing recession, these popular programs remain in place, sustaining millions, but at costs the Eurozone cannot afford.

Economists are warning that the Eurozone will need to consider labor and welfare reforms to save their economies. Without such reforms, the system will collapse entirely.

Unfortunately, even under the best-case scenario, where labor unions and the government can agree on aggressive cuts to welfare programs, the benefits will still take time, even years to be fully realized. Still, any move in the right direction could bolster confidence and inspire investments to return to Europe.

Without those reforms, investors and banks are shy about doing business in Europe and many have pulled away, seeking to invest in stronger economies such as the U.S. and China.

As investors pull away from Europe, consumer spending is also down in several countries. In France, consumer spending power declined by 0.2 percent, the first such contraction since 1984.

However, with no work to generate income, and no demand to create jobs, the nations of Europe appear to be entering a financial death-spiral that could ultimately destroy the Eurozone.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for December 2014
Christmas, hope for humanity:
That the birth of the Redeemer may bring peace and hope to all people of good will.
Parents: That parents may be true evangelizers, passing on to their children the precious gift of faith.



Comments


More Europe

Construction plan could endanger world heritage site of Stonehenge Watch

Image of Charcoal was discovered at the

By Catholic Online (NEWS CONSORTIUM)

Recent construction plans announced by British Prime Minister David Cameron near the prehistoric site of Stonehenge could very well wipe away the single most important historical evidence yet discovered there. Archaeologists have discovered the earliest settlement at ... continue reading


Pope Francis Gives Direction to Charismatic Renewal and New Movements Watch

Image of Pope Francis at the last Pentecost Sunday Mass. Included in the massive crowd were members of the diverse ecclesial movements from around the world.

By Deacon Keith A Fournier

On November 22, 2014, Pope Francis addressed a Congress sponsored by the Pontifical Council for the Laity. It brought together new movements and communities in the Catholic Church - from across the globe. These movements are not only flourishing, but multiplying ... continue reading


If backed into a corner will Putin come out swinging? On the eve of Russia's great depression Europe braces for violent repercussions Watch

Image of Some analysts fear that Russia could default on its foreign debt, even worse, a depression may force Vladimir Putin to take an aggressive and expansionist stance in Europe.

By Matt Waterson (NEWS CONSORTIUM)

The sharply declining price of a barrel of oil and the harsh sanctions imposed by the U.S. and Europe have created a perfect storm for Russia's weak economy. The ruble has fallen fast, and the financial crisis that faces Russia is quickly spiraling out of ... continue reading


Singing nun Sister Cristian Scucccia fulfills lifelong dream to meet Pope Francis Watch

Image of Sister Cristina is slated to perform at the Vatican's Christmas concert later this week, along with American punk singer Patti Smith.

By Troy Dredge, Catholic Online

Sister Cristina Scuccia, whose cover of Madonna's "Like a Virgin" has gathered more than four million views on YouTube, has fulfilled her longtime dream of meeting Pope Francis. LOS ANGELES, CA (Catholic Online) - Meeting Pope Francis in St. Peter's Square, she ... continue reading


Sexual predator nabbed trying to lure teenage girls off social media sites Watch

Image of Prosecutor Mary McCarthy said Wood sent explicit pictures to girls and, in some cases, arranged to meet them. He had full sexual intercourse with five of the girls. Some of the offenses occurred while he was on bail.

By Catholic Online (NEWS CONSORTIUM)

A Yeovil man, in Great Britain has been arrested on numerous sex charges. Twenty-year-old Jacob Wood is accused of grooming "vulnerable" teenage girls for sex through social media sites. Wood has been spared a prison sentence after a judge said it would not ... continue reading


'We may not live through these days': Is Mikhail Gorbachev warning that the crisis in Ukraine could turn into World War III? Watch

Image of Former leader of the Soviet Union, Mikhail Gorbachev, who has long been hailed as one of the leading architects in ending the Cold War is now warning that the world may be facing the potential of war if Russian and American leaders are unwilling to back down.

By Matt Waterson (NEWS CONSORTIUM)

It is no secret that relations between the United States-and its allies in Europe-and Russia have chilled to levels unseen since the end of the Cold War over the ongoing civil war in Ukraine. What is surprising is just who is issuing a warning about the potential ... continue reading


Plight of boat people worldwide addressed by United Nations Watch

Image of

By Katie Nguyen, Thomson Reuters Foundation

Governments must focus on saving lives rather than keeping foreigners out at a time when more people than ever are embarking on risky sea crossings in search of asylum or a better life, the United Nations said on Wednesday. GENEVA (Thomson Reuters Foundation) - ... continue reading


Indian, Pakistani accept Nobel Peace Prizes Watch

Image of Both Malala Yousafzai, from Pakistan and Kailash Satyarthi, from India accepted their Nobel Peace Prizes in Norway.

By Catholic Online (NEWS CONSORTIUM)

India and Pakistan are longtime international rivals. This didn't prevent a Pakistani teenage advocate for women's education and an Indian child rights campaigner from receiving Nobel Peace Prizes. Both Malala Yousafzai, from Pakistan and Kailash Satyarthi, ... continue reading


VATICAN AT RISK OF TOTAL DESTRUCTION as Islamic State smuggles dirty bomb into Europe Watch

Image of Vatican City may be a primary target for the Islamic State's dirty bomb.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

A weapons maker for the Islamic State has posted a chilling warning to the world, claiming that a radioactive device, known as a "dirty bomb" has been successfully smuggled into Europe. This suggests that a radiological bombing could be imminent. LOS ANGELES, CA ... continue reading


'ISIS killers are monsters and cowards,' widow of slain British aid worker says Watch

Image of

By Troy Dredge, Catholic Online

The widow of a 44-year-old British aid worker David Haines, who was murdered by Islamic State extremists has denounced his killers "cowards." Dragana Haines, whose husband David was killed by the militants in a graphic video posted online last September, says she still ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Second Samuel 7:1-5, 8-11, 16
1 Once the king had settled into his palace and ... Read More

Psalm, Psalms 89:2-3, 4-5, 27, 29
2 for you have said: love is built to last for ever, ... Read More

Gospel, Luke 1:26-38
26 In the sixth month the angel Gabriel was sent by ... Read More

Reading 2, Romans 16:25-27
25 And now to him who can make you strong in ... Read More

Saint of the Day

Saint of the Day for December 21st, 2014 Image

St. Peter Canisius
December 21: In 1565, the Vatican was looking for a secret agent. It was ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter