People wait in line at a government employment office at Santa Eugenia’s Madrid suburb on January 27, 2012. New data released by the European Union show that the unemployment rate in the eurozone hit a record high of 11.1 percent in May. According to EU’s statistics office Eurostat, more than 17.5 million Europeans were without a job in the single currency area in May. The figures indicated... 

The German parliament has voted in favor of the EU’s permanent bailout scheme and more lenient budget rules. Chancellor Merkel has been criticized with making a U turn in policy, easing borrowing costs on flagging banks without additional austerity. “Today Germany, with the approval of the fiscal pact and the ESM [European Stability Mechanism] by all parties in both houses of parliament, will... 

Most EU members are in favor of issuing eurobonds, but Germany opposes mutual debt obligations. Don Coxe, an investor and chairman of Coxe Advisors LLP, says Berlin cannot afford to hand out more bailouts when confidence in EU banks is crumbling. ­The talks are taking place in Brussels, where EU leaders are meeting for two days to agree on new growth measures for the union. RT: In a recent blog article... 

Russia offered Zimbabwe to conclude an intergovernmental agreement about the mutual protection of investments. Russian companies may thus obtain an opportunity to develop one of the world’s largest deposits of platinum. In return, Zimbabwe, which remains under the influence of sanctions from the USA and EU, will receive military hardware from Russia. Moreover, Russia intends to ship a large... 

The Cypriot government has issued a statement confirming that it has officially made an EU bailout bid, citing heavy exposure to debt-stricken Greece. This makes it the fifth state within the currency union to ask for help. The request comes just days before a deadline to recapitalize one of the country’s largest banks. “The purpose of the required assistance is to contain the risks to the Cypriot... 

Officials from the United Nations and the European Union have launched a program in order to prevent future biological and nuclear disasters, Press TV reports. A press statement on Friday said that the Centers for Excellence (CoE) Initiative is designed to alleviate the risks of crimes related to chemical, biological, radiological and nuclear disasters (CBRN) by “promoting cooperation, coordination,... 

The International Trade Committee (INTA) of the European Parliament recommends rejecting ACTA. The committee rejected the controversial legislation 19 votes to 12. This is the fourth and final committee to deliver its report on the Anti-Counterfeiting Trade Agreement (ACTA), and will likely affect the European Parliament’s vote early July. MEP Marietje Schaake, a member of the INTA committee, shares... 

Japan’s lower house of parliament has endorsed a bill which authorizes the Japanese government to insure shipments of Iranian crude oil imports, in an attempt to counter US-led EU insurance bans against Iran, Press TV reports. The lower house of Japan’s parliament which is mostly comprised of opposition lawmakers passed the bill on Friday to enable Tokyo to provide USD 7.6 billion insurance... 

Portuguese workers protest in a demonstration against the government’s austerity measures, Lisbon, June 16, 2012. People in Portugal have staged a protest rally against the government’s austerity measures imposed to help cap the country’s public debt. Thousands took to the streets of Lisbon on Saturday following a much larger rally in the northern city of Oporto last week. They condemned... 

The pro-bailout New Democracy party has come out on top in Greece’s parliamentary elections, having gained 30 per cent of the votes. With more than 80 per cent of votes counted, the anti-austerity leftist Syriza party is trailing on 26.6 per cent. The results have kept fears of Greece’s imminent exit from the eurozone at bay for the time being. “The Greek people today voted for Greece to remain... 

Western European countries are preparing the ground for the revision of the Schengen border control and recovery. France and Germany are primarily interested in taking such measures aimed at ensuring the EU’s internal borders. The new French president Francois Hollande, as well as his predecessor, Nicolas Sarkozy, is in favor of strengthening the fight against illegal migration. Enhancement... 

EU countries have agreed that border control in the Schengen zone can be restored temporarily under “exceptional circumstances.” The measure is moved by the uncontrolled flow of migrants into the EU in the wake of the economic crisis. Under the proposal, which was approved at a meeting of EU home affairs ministers in Luxembourg, the control of national borders the Schengen Area would be... 

European Union apparatchiks are preparing to lockdown Europe following Greece’s exit. From the Associated Press today: Olivier Bailly said Tuesday that, legally, limits could be imposed on movement of people and money across national borders within the EU if it’s necessary to protect public order or public security — but not on economic grounds. “Some people are working on scenarios,” he... 

Fitch says the downgrade reflects negative economic and market environment in Spain. Fitch credit ratings agency has downgraded Spain’s rating by three notches citing the country’s banking crisis, mushrooming debt and recession as the main reasons for the downgrade. The international agency announced on Thursday that it has cut Spain’s long-term foreign and local currency to ‘BBB’... 

A Euro coin with the Spanish national flag in the background. A recent report released by a Spanish institution says 25 percent of Spain’s population lives below poverty line, 2 percent higher than last year, as the country grapples with the highest rate of impoverishment among European states. According to an annual report issued by the Spanish Economic and Social Council (CES), lack of jobs for...