Saturday, June 2, 2012

Irish people grudgingly accept EU treaty with referendum 'yes' vote

Ireland's voters gave a grudging seal of approval to an EU treaty that paves the way for further austerity measures across the continent in a desperate attempt to fight the debt-crisis that threatens the existence of the euro.

The treaty's approval, to be declared officially later today, relieves some pressure on EU financial chiefs as they battle to contain the eurozone's debt crisis.

But critics said the tougher deficit rules would do nothing to stimulate desperately needed growth in bailed-out Ireland, Portugal and Greece nor stop Spain or Italy from requiring aid too. Read More


Eurozone unemployment has hit a record high and job losses are likely to keep climbing as the debt crisis eats away at businesses' ability to hire workers while indebted governments continue to cut staff.

Around 17.4million people were out of work in the 17-nation eurozone in April (11% of the working population) - the highest level since records began in 1995, the EU's statistics office Eurostat said today.

'This 11% level is going to continue edging up in the coming months and probably until the end of the year,' said Francois Cabau, an economist at Barclays Capital who sees the eurozone's economy contracting 0.1% this year. Read More