When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Enjoy unlimited access to quality journalism.

Limited time offer

Get your 30-day free trial!

EUROPE 1, LE FIGARO (France)

Worldcrunch

PARIS - Unemployment has reached a new record high in the eurozone, with European Central Bank (ECB) President Mario Draghi saying Friday that the single currency would not recover until the second half of 2013.

"We have not yet emerged from the crisis," Draghi told France's Europe 1 radio on Friday morning. "The recovery for most of the eurozone will certainly begin in the second half of 2013.”

"It's true that budgetary consolidation entails a short-term contraction of economic activity, but this budgetary consolidation is inevitable," Draghi said.

While in Paris for a conference with financial officials, Draghi stressed that governments within the eurozone should further talks on creating a banking union.

This idea has often been criticized by Berlin, preferring a banking union between only the largest and strongest banks within the European single currency member states.

Meanwhile, it was announced Friday that the eurozone's unemployment rate figures were at a record high for the month of October, rising to 11.7%.

French daily Le Figaro reports that 25.9 million people living in the European Union (EU) were jobless in the month of October, with 18.7 million of those people living within the eurozone. In comparison to September, the number of unemployed people has risen by 204,000 in the EU, and 173,000 in the eurozone.

While Italy and Spain continue to struggle, the better performing eurozone countries such as Germany and France also faced disappointing figures Friday, with growth of just 0.2%.

Retail sales in Germany shrank 2.8% in October, down 0.8% on last year.

However, there were some positive signs, as the European single currency spiked to 1.3029 against the U.S. dollar on Thursday, its highest level since Oct. 23.

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

Russia

No Putin, No Russia? Why Losing The War Wouldn't Destroy The Russian Federation

Predictions about the collapse of Russia are as old as the country itself. Yet a consistent centralization of power has gone on for decades, weakening Russia's territories and republics. The war in Ukraine changes everything and nothing.

Photo of a Russian flag during Unity Day celebrations

Russian unity day celebrations

Aleksandr Kynev

-Analysis-

The prediction “Russia is about to fall apart” has been a mainstay of the political science-futurist genre for the 30 years since the end of the USSR and establishment of the Russian Federation.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

Sign up to our free daily newsletter.

Now, the war with Ukraine has drastically reduced the time-frame for such apocalyptic forecasts to come true. First, because it turns out that Russia can very well lose the war; and secondly, a defeat would weaken Vladimir Putin’s regime — and who knows if he will retain power at all?

“No Putin, no Russia” is a more recent refrain.

This line of thinking says that the weakening of the central government will push the regions to act independently. Yet noted political scientist Alexander Kynev explained in an interview with Vazhnyye Istorii why he doesn't believe anything like this will happen. The collapse of Russia is unlikely even if Putin loses.

Keep reading...Show less

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

The latest