Eurozone Unemployment Hits New Record High

Eurozone unemployment reached 12.1% in March, official figures have shown, as the region's recession continues to hit its economy.

Some 19.2 million people were out of work in the 17-nation bloc last month, with the jobless rate climbing for the 23rd month in a row.

Data also showed that inflation fell in the region - to 1.2% in April, its lowest level since February 2010.

Italy's new prime minister Enrico Letta

The combination of easing inflation and rising unemployment is likely to put more pressure on the European Central Bank to cut interest rates on Thursday.

The figures come as Italy's new prime minister won a vote of confidence - boosting hopes of a strong coalition after a period of political uncertainty in the eurozone's third-largest economy.

Enrico Letta - who was sworn in on Sunday - plans to push ahead with his agenda of easing the country's unpopular austerity measures.

The government was confirmed with a vote of 233 in favour, 59 against and 18 abstentions, a day after it won the backing of the lower house.

In the meantime, Cypriot MPs debated the country's controversial 10bn euro (£8.48bn) bailout deal - with the government warning a rejection would be "catastrophic" for the island's troubled economy.

"Every MP needs to be aware that today marks a historic landmark for our homeland," spokesman Christos Stylianides said.

"A 'no' from the house today would have catastrophic consequences."

Hundreds of people gathered outside the Parliament to demonstrate against the bailout, which has forced Cyprus to shrink its banking sector, raise taxes and cut public spending.

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