Economic conditions in Europe, especially in troubled nations like Spain, Portugal and Italy, have deteriorated sharply in recent months. Worse, new data released last week provides no hope for a recovery soon. The unemployment rate in the 17 countries that use the euro hit a record of 12.1 percent in March, up from 11 percent a year earlier. In Spain and Greece, more than half of the labor force under 25 is looking for work.
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