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The eurozone could lose 4.5 million more jobs in the next four years unless the region shifts away from austerity, the International Labour Organisation (ILO) has warned.

That rise would take unemployment in the 17-nation bloc to 22 million.

The unemployment rate in the eurozone hit 11.1% in May, according to official figures from Eurostat.

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The eurozone's service sector continued to shrink in June and business confidence plunged according to surveys compiled by Markit.

The news is set to add to pressure on the European Central Bank to cut the cost of borrowing in the eurozone when it meets on Thursday.

The rate of decline eased slightly across service industries such as finance and distribution last month.

Source URL: http://www.bbc.co.uk/news/world-europe-18478982

Source URL: http://www.bbc.co.uk/news/business-18438044

Germany's deputy finance minister has ruled out "eurobond-lite" plans to pool part of eurozone countries' debt. That may disappoint investors on international markets whose hopes had been raised by reports that the Germany might be inching toward the compromise mutualisation plan. The plan, from Germany's so-called "wise men" group of private economic experts, would let countries with debt above 60% of GDP such as Greece issue eurobonds for debt above that level, which would then be paid down over a maximum of 25 years.

Earlier, Chancellor Angela Merkel said world leaders should not "overestimate" Germany's ability to resolve the eurozone debt crisis. Mrs Merkel called for more regulatory powers for the European Central Bank, and repeated that growth should not be financed by more debt.  Referring to the G20 meeting, she said: "I say to them Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe... but Germany's powers are not unlimited." Europe would only find a way out of the crisis with a strong "political union" that mandated greater fiscal co-ordination and oversight to put member countries on a "solid foundation", she said. Mrs Merkel has resisted calls that austerity measures in the eurozone should be relaxed in the hope that it would boost growth. "We must all resist the temptation to finance growth again through new debt," she said. She also called for the European Central Bank to play a "bigger role" in overseeing banks to avert further turmoil in the industry.

The World Bank warning comes amid heightened fears about the eurozone debt crisis spreading to the region's bigger economies such as Spain and Italy. The borrowing costs for these nations have risen significantly, raising concerns about their ability to replay their debts. On Tuesday, the benchmark 10-year bond yield for Spain hit 6.81%, the highest rate since the launch of the euro in 1999. Meanwhile, Italy's 10-year bond yield rose to 6.28%, a rate not seen since January this year.

This followed a 100bn-euro ($125bn; £80bn) bailout of Spanish banks over the weekend. There are fears that as the crisis escalates it will hurt investor sentiment in Europe and dent demand. That does not bode well for developing economies, especially in Asia, which rely heavily on demand from the eurozone for their exports. "The problems are serious and developing countries should reckon with a long period of low growth in Europe," said Mr Timmer. Mr Timmer added that there was possibility of "a further crisis in Europe" and that developing nations should prepare themselves for any such scenario.

'Too little too late'

While the eurozone debt crisis has been a cause of concern for some time, it has so far affected relatively smaller economies such as Greece and Portugal. However, as the crisis spreads to bigger nations such as Spain and Italy, there are fears that growth in the region may slow even further.

Analysts said that this was one reason why stock markets in the US and Europe fell on Monday, despite the initial euphoria over the 100bn-euro ($125bn; £80bn) bailout of Spain's banks announced over the weekend.

On Monday, New York's Dow Jones share index fell 1.1%, while in Europe London's FTSE 100 closed down 2.7 points. The French and German indexes were little changed.

Source URL: http://www.bbc.co.uk/news/world-europe-18338616

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The number of people looking for work in Spain fell for the second month in a row in May to 4.71 million. The Labour Ministry said the number of people filing for unemployment benefits fell by 30,113 or 0.63%, compared with the previous month. In March, the number of jobseekers hit a record high of 4.75 million.

The unemployment rate in Spain is the highest in the eurozone at 24.3%, according to European Union figures released last week. On an annual basis, the number of people looking for work in May rose by 524,463, or 12.5%.

The Spanish government is implementing a number of labour market reforms to try to reduce unemployment, including cutting back on severance pay and restricting inflation-linked salary increases. These have proved very unpopular with unions and workers.

However, it has been forced to approve billions of euros of spending cuts and tax increases in an effort to reduce its debt levels, which have a negative impact on employment within the economy.

Source URL: http://www.bbc.co.uk/news/business-18321088

Billionaire investor George Soros has warned European leaders they have a "three-month window" to save the euro.

He said he believed Greece would elect a government willing to abide by loan conditions imposed by the EU in this month's elections.

But he said the German economy would begin to weaken in the autumn, making it much harder for Chancellor Angela Merkel to provide further support.

財務分析答案

There is more and more speculation that Greece is about to leave the euro. The country has been unable to form a government, and new elections seem set to give power to parties that reject the spending cuts that have been agreed with other eurozone governments and the International Monetary Fund.

But without those spending cuts, the Greek government will receive no more bailout loans, it won't have the money to pay its debts, the Greek banks will probably go bust, and the European Central Bank may be forced to cut Greece loose from the single currency. What would this mean for Greece and the rest of Europe?

²Growth divergence is 85th percentile growth minus 15th percentile growth. SAAR: seasonally adjusted annual rate.

Financial conditions in emerging markets began to tighten during the fall of 2011. Amid a general flight from risk, interest rate spreads rose. Funding conditions worsened for banks, contributing to a tightening of lending standards, and capital inflows diminished. However, these flows are now returning with new vigor, and risk spreads have come down again.

The eurozone has agreed a new "fiscal compact"

Eurozone leaders have agreed to a tough set of rules - insisted on by Germany - that will limit their governments' "structural" borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies' output each year. It will also limit their total borrowing to 3%. These rules are supposed to stop them accumulating too much debt, and make sure there won't be another financial crisis.

But didn't they already agree to this back in the '90s?

This chart shows that surplus (a number above zero) or deficit (less than zero) as a proportion of GDP (the total value of goods and services produced by the economy).