Unemployment now the main problem in eurozone

February 22 was a black Friday wherever you were in Europe. The morning brought the publication of dismal economic data to the effect that the eurozone will remain in recession in 2013.

Then, at 10pm Brussels time as the the markets closed, ratings agency Moody's quietly issued a statement stripping the UK of its AAA credit rating.

For those lulled into a false sense of security through a recent combination of relatively benign financial markets and the euro strengthening agains...