Published yesterday unemployment in the Eurozone remained at 9.8 per cent in November (down from 10 in September); it dipped by 0.1 per cent to 8.3 per cent across all countries in the European Union. At its lowest since 2009, it does however mask large variations between nations and age groups. Swiss December unemployment (published this morning) remains at 3.3 per cent while in Italy it ticked up to 11.9 per cent, and in Greece it’s 23.1 per cent. Unemployment for 18 to 25 year olds rose by 0.3 per cent to 21.2 per cent in the Eurozone – and a shocking 44.4 per cent in Spain.
The US Federal Deposit Insurance Corporation (equivalent to the UK’s Financial Services Compensation Scheme) yesterday filed a lawsuit against Bank of America claiming it owes $542 million in unpaid premiums. This is because the bank deliberately under-reported its risk weightings in 2013 and 2014 to make it look more credit worthy.
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