Financial crisis continues


On Wednesday, 800,000 unemployed US workers woke up in the morning having lost for most what is their only source of income—jobless benefit checks that average about $300 per week. By Christmas, another 1.2 million workers will follow them into the cashless economy, where they will join the far larger number of jobless workers who receive no benefits at all. Millions more will follow next year: here.

In the wake of last weekend’s bailout of Ireland, the Eurozone financial crisis has rocked Portugal and begun to affect the day-to-day financing of Italy, Belgium, and Spain: here.

Spain’s Socialist government unveiled plans on Wednesday to scrap a monthly benefit for unemployed workers and sell off state assets in the national lottery company and airport operator.

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