Merkel tells Italy benefits of reforms take time

ROME (Reuters) - German Chancellor Angela Merkel told Italians on Wednesday they could not expect to reap the rewards of economic reforms in just a few months but that the experience of her own country showed it was worth persevering.

Spain unemployment total passes five million

Madrid, Spain (TOE) - Spain’s unemployment total has passed the five million mark, the highest in 15 years, with the jobless rate shooting up from 21.5% to 22.8%., data from the statistical office INE showed Friday.