According to the latest figures released, the unemployment rate across the 17 Eurozone nations increased to 12 per cent in February, which is its highest ever recorded since the launch of the currency in 1999.

European Union's statistics office, Eurostat said that the total unemployment rate remained at 12 per cent in February. The unemployment for the Eurozone nations was revised to 12 per cent from 11.9 per cent for January this year. Data showed that the total number of unemployed increased by a net 33,000 people in the area.

Spain and Greece recorded unemployment rates that were higher than 26 per cent during the month. The two countries are facing difficult economic conditions due to the prolonged sovereign debt crisis and unemployment rates are increasing to higher levels. The latest data were released before the recent crisis in Cyprus.

According to a new survey, the economic recession has continued in the first quarter of the year in the Eurozone. The new crisis in Cyprus has increased risks for the Euro currency as members continue to face the effects of the sovereign debt crisis.