The Spanish government’s debt has hit a record high as Madrid struggles to cut expenses and escape the eurozone debt crisis. According to data published by Bank of Spain on Friday the country’s debt reached 734.96 billion Euros (USD 960 billion) at the end of 2010. This is equivalent to 68.5 percent of Spain’s gross domestic product (GDP), while three months earlier Spain’s public debt... 

Official figures by the Eurostat data agency show the eurozone unemployment rate has hit an all-time high of 10.7 percent in January 2012. According to the latest figures released on Thursday, more than 16.9 million men and women were unemployed in the euro area in January. The latest number of unemployed people in the eurozone in January increased by 1.4 million compared with the same month in 2011. Meanwhile,... 

A self-made euro sign is attached to the tip of a christmas tree in front of the European Central Bank (ECB) in Frankfurt am Main, western Germany. European Commission has predicted that the eurozone currency bloc faces a deeper recession than previously anticipated, with a 0.3 percent contraction in its GDP now tipped for 2012. The commission previous forecast in November said the economic output... 

Eurozone finance ministers talk while attending a Eurogroup meeting at the European Union council headquarters, Brussels, February 20, 2012. Eurozone finance ministers have agreed to provide Greece with a new bailout package to help the heavily indebted country stabilize its debt-to-GDP ratio and avert looming bankruptcy. The long-awaited package worth 130 billion euros was sealed in Brussels on Tuesday... 

Gendarme forces move toward protesters in Piata Universitatii square, Bucharest January 19, 2012. Romania’s Prime Minster Emil Boc has resigned following weeks of public protest against IMF-backed austerity measures amid the debt crisis sweeping the European Union. Announcing his resignation on Television on Monday, Boc said that he wanted to “defuse political and social tension” and... 

The EU will immediately ban new oil deals with Iran and implement a total boycott of Iranian oil in July 2012, under sanctions discussed by the 27 Foreign Ministers today. Sanctions could also target the activities of a number of Iranian companies, individuals and financial institutions, including the country’s central bank. British Foreign Secretary William Hague said the measure was part of... 

JP Morgan's Chief Executive Officer, Jamie Dimon JP Morgan’s Chief Executive Officer, Jamie Dimon says Europe is the largest threat to the global economy, calling for a solution to the economic woes sourced from the continent. “We urgently need a solution. The longer the problem drags on, the less likely it is we get off lightly,” the CEO of one of the largest banks in the United States... 

Protesters trample a burnt European Union flag during a demonstration in front of the EU Parliament and Committee headquarters in downtown Budapest, January 14, 2012. Thousands of Hungarians have protested against the European Union, urging their country to pull out from the bloc while Budapest seeks EU’s backing to evade insolvency. People gathered in front of the European Commission offices... 

Standard & Poor's has downgraded the credit ratings of several European nations. Standard & Poor’s has downgraded the credit ratings of France, Italy, and Spain, as the European debt crisis continues to intensify. According to French government sources, the ratings agency has downgraded the country’s Triple-A credit rating, while downgrading Italy and Spain’s ratings as... 

Unemployment in the European Union states has reached a record-high level of 9.8 percent, a new report says. A quarterly report released by the European Commission shows that unemployment has reached a historically high level across Europe. The report, issued on Tuesday, says 9.8 percent of all formerly-employed Europeans are currently jobless, with unemployment having steadily escalated since last... 

Insolvency is threatening heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain. Official figures show the rate of unemployment in the eurozone reached an all-time high of 10.3 percent in November 2011. According to the Eurostat statistics agency, by November more than 16.3 million people were unemployed in the 17 nations that use the euro as their currency. Eurostat figures... 

Italy's unemployment rate increased in November Italy’s youth unemployment has reached a new record high of over 30 percent, as it confirms that the euro-zone’s third-largest economy is already in recession. According to seasonally adjusted figures released by ISTAT on Thursday, the unemployment rate for young people aged 15 to 24 years have reached 30.1 percent in November, while the... 

A man waits for a train at Santa Apolonia train station during a strike in Lisbon, Portugal, December 23, 2011. Train drivers in Portugal have begun the New Year with industrial action, as they continued their strike in protest at disciplinary measures. Most national rail services have remained cancelled on Sunday, the last day of a four-day strike. Drivers were disciplined for allegedly failing to... 

German Chancellor Angela Merkel (L), President of France Nicolas Sarkozy (C) and European Commission President Jose Manuel Barroso Eurozone leaders have used their New Year’s messages to warn of more economic crisis for the year ahead, as many eurozone countries expect recession in 2012. German Chancellor Angela Merkel said on Sunday she expects more difficulty in 2012, but she does “everything”... 

As the eurozone teeters on the brink of collapse, the UK Treasury is working on a contingency plan to limit the fallout of a potential full-scale euro meltdown. ­The plan would entail capital controls to restrict the flow of money in and out of the country. Officials fear the departure of a eurozone member might trigger capital flight from weaker members of the economic union to countries like the...