Daily Archives: November 3, 2011

Archives November 3, 2011 posted by

German jobless rise for first time in nearly 2 years

UNEMPLOYMENT in Germany unexpectedly rose in October, the first increase since early 2010, data showed yesterday, compounding fears about the effects of a slowdown in Europe’s biggest economy.

The seasonally adjusted figures from the Federal Labour Office showed unemployment rose by 10,000 compared to an expected drop of 10,000. That pushed the unemployment rate up to 7.0 per cent from 6.9 per cent in September.

Economists said the rise confirmed that Germany, which still has lower unemployment rates than elsewhere in Europe, was facing an underlying downturn and that uncertainty over the eurozone debt crisis was affecting hiring at firms.

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Archives November 3, 2011 posted by

Greece told: make up your mind fast

GERMANY and France told Greece yesterday to make up its mind fast whether it wants to stay in the euro zone after a shock decision to call a referendum on a 130 billion euro bailout sparked panic on global markets.

French President Nicolas Sarkozy and Germany’s Angela Merkel summoned George Papandreou for emergency talks in Cannes on the eve of a G20 summit of major world economies, to push for rapid implementation of measures to tackle the currency area’s debt crisis, which Athens has thrown into doubt.

The Franco-German duo first met the heads of European Union institutions and the International Monetary Fund yesterday to discuss how to limit the damage from the Greek move and apply pressure for a swift outcome.

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