Men sit on a couch and play guitar as protesters camp at the Puerta del Sol square in Madrid on May 27, 2011 during a demonstration against Spain's economic crisis and its sky-high jobless rate. - 

Germany and France are launching what they call a "New Deal" to combat the problem of youth employment in Europe. Billions will be spent helping young people find jobs, 24 percent of whom are out of work in the euro zone -- that figure rises to more than 50 percent in Greece and Spain.

Marketplace's Stephen Beard joins Morning Report host David Brancaccio from London with the details.

As of March 2013, 5.7 million young people or 24 percent were unemployed in the European Union. The lowest rates were observed in Germany and Austria (both 7.6 percent), and the highest in Greece (59.1 percent in January 2013), Spain (55.9 percent), Italy (38.4 percent) and Portugal (38.3 percent), according to Eurostat.

* January 2013 ** February 2013 *** 4Q 2012

(Source : Eurostat)