New Signs of Europe’s Weak Economy

Posted July 12th, 2012 at 9:15 am (UTC-5)
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There is new evidence of Europe's weak economic fortunes.

The value of the euro used by the 17-nation currency union fell to a two-year low against the U.S. dollar — below $1.22 in Thursday trading.

Meanwhile, the jobless rate in debt-ridden Greece reached a new high in April of more than 22 percent — up slightly from March, but more than six percentage points higher than a year ago. Greece twice has been forced to secure bailouts from its European neighbors and is mired in a fifth year of recession.

In France, automaker PSA Peugeot-Citroen slashed 8,000 jobs and said it would close one of its assembly plants in the country.