A statistical agency of Greece had confirmed the hike in unemployment rate up to 16.2%, during the month of March, a frightening figure, as compared to that of a year earlier. The agency had released the report on Wednesday, while claimed that the unemployment rate had increased from 15.9% in February.

While commenting on the debt-ridden country, the European Central Bank Chief, Jean-Claude Trichet, said that restructuring of Greece's public debt, which is inevitable as per many analysts, is inappropriate as long as the country follows promised reform.

"In regard to your question on so-called rescheduling, 'haircuts' and so forth ... we are very clear we don't trust that, provided the two first conditions I have mentioned are there, there is a need for restructuring or for haircuts”, added Mr. Jean-Claude Trichet. "And we would say it is not appropriate”.

The European countries have boosted spending in the first quarter while the investment in the euro area were observed to rise around 2.1% from the fourth quarter and the exports were found to increase 1.8% along with 1.7% gains, notified European Union’s statistics office in Luxembourg.

Meanwhile, the European Commission, the European Central Bank and the International Monetary Fund ended a month-long review of their 110 billion euro ($160 billion) bailout program, while pinpointed that Athens had made a substantial progress towards recovering from recession.