CyprusUnemployment Surges 32% Year-Over-Year
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With PMIs picking up across Europe, the nations’ ‘leaders’ are spreading the good word that the worst is over (again) and its all sunshine and unicorns from here. But it’s not. As Cyprus’ Anastasiades glibly comments on small improvements in their capital controls – amidcollapsingdeposits, bluntly ignoring the reality of a recordimplosioninthenation’shomeprices, the facts for the man on the street are dismal. ThenumberofjoblesspeopleinthesmallestEUnationjumped 32% year-over-yeartoitshighestinthe 19 years data has beencollected.
[The current number of unemployed Cypriots is five times its pre-crisis levels!]
The ever-idiotically-optimistic IMFpredictsunemploymentwillpeakat 16.9% (withCyprusunemploymentstandingat 15.9% in Q1 already) and 13% cumulativecontractioninGDP and it seems there is littlelightattheendofthetunnelfortheaverageCypriot (even as the Cyprus stock index has risen 4% in the last week).
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