Schaeuble says great progress has been made on Greece

As Greeks saw a record 26 per cent unemployment rate this morning German finance minister Wolfgang Schaeuble says great progress has been made on Greece and Italy. He went on to say that the European Union won't be the fastest growing region in the world this year and that there is no reason to be depressed about the economic outlook.

Signs of recovery in any country but Germany (which Schaeuble said looks robust as the country is on track to eliminate its budget deficit in 2014) in the Eurozone are non-existent. The region might not be the fastest growing this year, but could be one of the slowest.