Youth unemployment hit nearly 60% in Greece in February, according to new figures published on Tuesday by the Eurostat statistics agency, revealing widespread job losses across the Eurozone as austerity wreaks a "cycle of decline."

Additionally, Eurostat said February unemployment for youth workers (under 25) hit 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy, following Greece's 58.4%

Overall unemployment in the Eurozone, broke previous records at 12%.

The number of people out of work in the region reached a total of 19.07 million.

Eurostat stated that the overall rate had "risen markedly" compared with February 2012, when it was 10.9%.

Greece and Spain, among the countries hit hardest by the Eurozone crisis, have in turn seen the most extreme austerity measures imposed by the Troika.

When compared to less austerity strained countries, the country with the lowest unemployment was Austria at 4.8%. Germany's rate was 5.4% and Luxembourg's 5.5%. Overall unemployment in Greece stands at 26.2%, Spain 26.3%, and Portugal 17.5%.

As BBC News reports Tuesday, there appears to be a growing understanding that austerity policies have forced several countries into a "cycle of decline."

French President Francois Hollande conceded this week that "sticking with austerity would condemn Europe not just to recession but an explosion."

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