unemployment

An elderly woman walks through a wintry Spanish city, sadly bemoaning her country’s fate. “All the studies show we always come last in the rankings,” she exclaims, shuffling past a placard highlighting Spain’s poor performance in international education tests.

She bumps into old friends, all of whom tell her of their plans to leave the country and “become foreigners”. At a nearby market, stalls advertise the benefits of becoming German, Scandinavian or British. She meets a tousle-haired man clutching his German certificate: “I want to know what it feels like when everyone owes you money – not the other way around.” Read more >>

♦ The price of Egypt’s revolutionary passion is exceedingly high, says Roula Khalaf. “What lies ahead, at least in the short term, is another huge leap into the unknown.”
♦ The Middle East descends into chaos as the US reverts its focus back to Israel.
♦ Khaled Fahmy, a professor at the American University in Cairo and an anti-Morsi activist, lays out the seven deadly sins of the Muslim Brotherhood, highlighting the vast divide between them and the opposition.
♦ Anyone who thought the military had been swept aside in Egypt was wrong, argues H.A. Hellyer, a fellow at the Brookings Institution. “The Egyptian military is not, and never has been, an ideological institution. Its main concerns have been to maintain its independence vis-à-vis the rest of the state, and to ensure the stability of Egypt – without which it would be forced to involve itself in the mess of governing tens of millions of Egyptians.”
Europe’s spying businesses are thriving, despite the uproar over privacy.
♦ China’s slowdown is dragging Hong Kong down, argues William Pesek at Bloomberg.
♦ The Guardian interview twenty-somethings in Europe, who are highly educated and yet missing out on homes, pensions, independence and steady employment.

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♦ The ever-growing ranks of unskilled and unemployed youth in Spain not only pose a challenge to the economy but are also threatening the fabric of Spanish society – a problem Madrid is only now beginning to address.
♦ Voter outrage sparks José Manuel Barroso’s concerns about eurozone belt-tightening.
♦ Paul Kevin Curtis, who has been cleared in the ricin letter investigation, might have been framed, according to his lawyer. James Everett Dutschke, another entertainer, is now the focus of the investigation and it seems that the two men’s lives have coincided before.
♦ Thirteen female corrections officers were charged with federal racketeering at a state prison in Maryland, US.The indictment described a jailhouse seemingly out of control. Four corrections officers became pregnant by one inmate. Two of them got tattoos of the inmate’s first name, Tavon — one on her neck, the other on a wrist.”
♦The 200m emails to be kept in the George W. Bush Presidential Center are creating years worth of work for archivists, a growing problem for the U.S. National Archives and Records Administration, the federal agency that keeps the nation’s trove of historic documents.
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Mario Monti arrives to unveil his new government at the Quirinale Palace in Rome. Photo: Alberto Pizzoli/AFP/Getty Images

Mario Monti arrives to unveil his new government at the Quirinale Palace in Rome. Photo: Alberto Pizzoli/AFP/Getty Images

Welcome back to the FT’s rolling coverage of the eurozone crisis. By Esther Bintliff and John Aglionby on the world news desk, with contributions from correspondents around the world. All times GMT.

Europe’s two new technocratic prime ministers consolidated their respective grips on power today. Lucas Papademos in Greece won a confidence vote in parliament, while Mario Monti, his Italian counterpart, announced his new cabinet and was sworn in as prime minister.

19.03: We’re going to wrap up the live blog for tonight, but you can read lots more on FT.com. Here’s a quick update on today’s events:

  • In Greece, prime minister Lucas Papademos won an overwhelming vote of confidence in his new interim government – 255 votes in favour, 38 against
  • Charles Dallara, managing director of the Institute for International Finance, is about to meet with Mr Papademos (see our 12.15 update). The IIF has been negotiating with Greece on behalf of investors holding Greek sovereign debt
  • In Italy, Mario Monti unveiled his new technocrat cabinet (see our 12.52 update, and this article) and said he would serve as both prime minister and finance minister. ”We finally have a competent government, not one of dwarves and ballerinas,” declared Antonio di Pietro, former anti-graft magistrate and head of the Italy of Values party.
  • Italy’s statistics agency spooked the market by announcing that it wouldn’t be releasing preliminary Q3 GDP data
  • The number of jobless in the UK reached 2.62m, a 15-year high, while the number of young unemployed topped one million for the first time since these records began in 1992
  • In its November Inflation report the Bank of England revised downwards its growth and inflation forecasts, and prompted economists to predict that quantitative easing would be ramped up sooner than expected
  • Mervyn King, the Bank of England governor, said he had “great sympathy” with the ECB in “not going around and buying all sorts of assets”
  • Angela Merkel said Germany was prepared to “give up a little bit of national sovereignty” in the name of strengthening the wider eurozone area (see 13.44 update)
  • Portugal passed its latest troika exam - or rather, the European Union and International Monetary Fund approved the disbursal of the next €8bn tranche of the country’s €78bn financial rescue package after concluding a second quarterly review of the the government’s progress with the bail-out programme (16.04 update)
  • Italy’s 10-year government bond yield spent the day fluctuating around 7 per cent – and finally settling at that level, reports Dave Shellock on our markets team. Reported buying by the European Central Bank of both Italian and Spanish debt offered only limited support

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