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Eurozone unemployment stays at record high

Unemployment in the eurozone remains at an all-time record of 10.3 per cent for the second month running in November according to official figures.

Reuters/Andrea Comas
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The Eurostat data agency estimated that more than 16.3 million people were out of work in the 17-nation euro area in November after the number of the unemployed rose by 587,000 compared with November the previous year.

There was better news for the euro following Thursday’s drop in value against the dollar to a 16-month low. IMF chief Christine Lagarde says the single currency is “unlikely to vanish" this year, but warned a report this month will show the global economy growing slower than the 4.0 per cent estimated in September.

"Will 2012 be the end of the euro? My answer is, I don't think so," she told a press conference during a visit to South Africa. "The currency itself is not likely to vanish or disappear in 2012."

"Will Greece quit the euro zone in 2012? The euro partners have affirmed, reaffirmed their determination. We can only support that," she said.

But she warned that the crisis was taking a toll on Africa and the rest of the world, with the International Monetary Fund set to release a report around 25 January that is likely lower the global growth forecast.

Lagarde is set to meet with South African President Jacob Zuma on Saturday in the central city of Bloemfontein, where he is taking part in weekend celebration to mark the 100th anniversary of his ruling African National Congress.

South Africa fell into its first recession since the fall of apartheid during the 2008 global financial crisis.

 

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