Analyst warns of euro crisis return

The euro zone economy has passed another bleak milestone. 

Official figures showed that unemployment rate across the 17 European Union countries hit a record 12 percent for the first time since 1999. 

Eurostat said the rate in February was unchanged from the previous month. 

Greece has the highest jobless rate, followed by Spain. 

The lowest rates was in Austria. 

The February data is a further confirmation of the underlying weakness of the euro zone. 

Meanwhile, 

manufacturing data showed the slump deepening sharply as even Germany was dragged down. 

The Markit Euro zone Manufacturing Purchasing Managers Index fell to 46.8 points last month. 

A reading below 50 indicates a contraction in the sector.