Europe unemployment rose again, this time to 11.6% from 11.5 and setting another record in September. The August number was revised upward from 11.4% to 11.5%. The September number showed 146,000 more people were classified as unemployed.
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As well, the Eurozone economy is expected to have contracted again for the third quarter after a .2% contraction in the quarter ending in June.
Finance ministers are gathering to meet on a number of issues including Greece’s unwieldy effort to bring its finances under control and the increasing likelihood that Spain will have to ask for a bailout.
On Wednesday, Greece’s government projected its debt would grow to 189.1% of gross domestic product next year.
The gloomy scenario was made worse by a projection from the European Central Bank that credit demand from businesses was shrinking.
Lower demand for loans means that the tighter lending atmosphere has cooled business activity
, making businesses less eager to take on new obligations.