Aug 30

When ‘Whatever It Takes’ Fails: 37% Of Italians Give Up Job Hunt As Welfare State Grows:

With France calling for the EU’s budget limits to be lifted and everyone breaking every rule of fiscal responsibility – because Draghi has killed the market’s signal – the fear of ever deepening deficits is (for now) removed. Enabling governments to do “whatever it takes” to get re-elected, because reforms are vote-killers, has incentivized an ever-growing group of Europeans to simply give up the job search… with Italians at the top of the list…

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Going from the final quarter of 2015 through March of this year, 37 percent of unemployed Italians gave up their job search, while only 13 percent landed new work and a full half found their status unchanged.

On the opposite end of the scale, very few Greeks — just 1 percent — gave up their job hunt while only 4 percent found new employment in the economically hard-pressed nation.

Source: Bloomberg

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