“Unemployment has reached a new high in the euro zone and inflation remains well below the European Central Bank’s target, stepping up pressure on EU leaders and the ECB for action to revive the bloc’s sickly economy. Joblessness in the 17-nation currency area rose to 12.2 percent in April, EU statistics office Eurostat said on Friday, marking a new record since the data series began in 1995.
Economists and policymakers including Germany’s finance minister, Wolfgang Schaeuble, have said the greatest menace to the unity of the euro zone is now social breakdown from the crisis, rather than market-driven factors.
In France, Europe’s second largest economy, the number of jobless rose to a record in April, while in Italy, the unemployment rate hit its highest level in at least 36 years, with 40 percent of young people out of work.”
“59.1% of those under 25 are unemployed in Greece, 55.9% in Spain, 38.4% in Italy, 38.3% in Portugal, 26.5% in France.”
Richard Fernandez in “The Economist”
“Despite a long recession and high unemployment, Italians are shunning the job because of the long hours and modest pay . . .
“Italians . . . want a nice comfortable office job where they can work six hours a day, five days a week, in air-conditioning. They’re not prepared to work 10, 12 hours a day.” Alessandro Rossi, who runs another pizzeria in Rome, is also surprised that Italians refuse to take up an occupation that is part of their cultural DNA, especially as unemployment among young people has reached 35 per cent.
“The Italian mindset is that being a pizza-maker is humiliating, it is a manual labour job,” he said. “Young Italians want to own 40,000 euro cars and wear nice clothes but they are not prepared to work for it. So the gap is being filled by the Egyptians, the Filipinos and the Arabs.”
From “The Telegraph”