The 16 country eurozone is having an extremely rough time with the job market, losing a record 1.22 million jobs in the first quarter. With the struggling labour market, the IMF is worried about when economic relief is going to start kicking in for the eurozone.

The IMF believes that the worst of the recession is not over and results might be proving them right. Employment during the first quarter dropped 1.2 %, and this is the biggest annual drop year-on-year since 1995.

Reports of the struggling 16 country euro-zone have been hurting the currency with the exchange currently at GBP0.847.

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