Keeping up with unemployment is a bitch, but somehow, everybody seems to have their own way of handling it. Take Iceland for instance, after letting their banks fail, they devalued the Krona, slapped on harsh capital controls, and saw their unemployment rate drop to 5.6%. Germany meanwhile slashed wages across the board, raised their retirement age to force people back to work, and saw theirs drop for 27 straight months to 6.7%.
Germany's work-shy neighbors to the southwest however, seem to handle things a little differently:
France's new Socialist government is planning to ramp up the cost of laying off workers for companies in the coming months, its labour minister said on Thursday after data showed the jobless rate hit the highest level this century at 10 percent.
"The main idea is to make layoffs so expensive for companies that it's not worth it," Sapin said in an interview with France Info radio.
"It's not a question of sanctions, but workers have to have compensation at the right level," he said.
Industry Minister Arnaud Montebourg is also planning legislation that would force companies to sell plants they want to get rid of at market prices to avoid closures and job losses.