Italy: ''Unemployment hits 12-year high as recession worsens''

From Adnkronos

''Italian unemployment in April rose to its highest level in 12 years as companies laid off workers amid a deepening recession for the European-Union's fourth-biggest economy.

Joblessness among Italy's youth, defined as workers between 15-24 years old, was 35.2 percent in April, a 0.8 percent decline from March but 7.9 percent more than April 2011.

Italy is in its fourth recession since 2001 and banks have cut loans to businesses and individuals. Almost 12,000 businesses closed their doors in 2011, while some 3,000 Italian filed for bankruptcy during the first three months of the year, according to economic reports.'' 

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