The Organization for Economic Development and Cooperation (OECD) warns of more economic trouble ahead for Europe. A new report by an adviser to the world's largest economies says the Eurozone's financial trouble could threaten global development.

OECD chief economist Pier Carlo Padoan warned "the crisis in the euro area has become more serious recently, and it remains the most important source of risk to the global economy."

The Organisation for Economic Cooperation and Development, paints a grim economic outlook for the Euro area. It's latest report warns the 17 countries in the Eurozone are facing a severe risk of recession.

Unemployment across the eurozone is likely to grow - reaching more than 11 percent. And its overall economy is expected to finish in the negative this year.