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German Chancellor Warns Economic Turmoil Not Over Yet

German Chancellor Angela Merkel is seen on a TV monitor as she prepares to record her annual New Year's speech at the Chancellery in Berlin.
German Chancellor Angela Merkel is using her New Year's broadcast to warn Germany's citizens that Europe's economic turmoil "is not overcome by a long stretch."

In a taped interview to be aired on December 31, Merkel notes there has been progress in resolving the eurozone's sovereign debt crisis but urged "we need further patience."

She cautioned against engaging in the sort of "irresponsibility" that sparked the 2008 financial crisis.

But Merkel sounded a positive note for Germany, saying unemployment is at its lowest level since reunification in 1990.

"That means that many hundreds of thousands of families have a secure future," Merkel said, adding, "And that means that a lot of young people have the security of training and jobs [to] get off to a good start in their careers."

Based on reporting by Reuters and AP