Greek jobless rate hits record 1 in 4
Thursday 11 October 2012
Greece’s unemployment rate hit a new record in July with one in four now out of work, equalling the rate in Spain, as a crippling recession and austerity measures continue to take a toll on the labour market.
Unemployment rose for a 35th consecutive month to 25.1 per cent in July, more than double the eurozone average and up from a revised 24.8 per cent in June, Greece’s statistics service Elstat reported.
The jobless rate has more than tripled since the debt-laden country’s five-year recession began in 2008 and now stands at 54 per cent for those aged between 15 and 24 years, compared with 22 per cent in July 2008.
A record 1.26 million Greeks were without work in July, up 43 per cent from the same month last year. The slump in the Greek economy is expected to accelerate later this year if the government implements further budget cuts of almost €12bn (£9.7bn) over the next two years as a pre-condition for more funds under its EU/IMF bailout.
The IMF expects unemployment in Greece to climb to an average 25.4 per cent in next year. The jobless rate is now on a par with Spain, where unemployment stood at 25 per cent in July and had been the highest in the eurozone, according to Eurostat figures. The eurozone average rate was 11.4 per cent in July.
Budget cuts imposed by the European Union and the International Monetary Fund as a condition for saving Greece from a chaotic default have aggravated a wave of corporate closures and bankruptcies.
Credit to companies has been shrinking because the country’s banks depend on the European Central Bank for liquidity and cannot fund firms. Greece’s economy is estimated to have shrunk by about a fifth since 2008 and more than 600,000 jobs, more than one in 10, have been shed in the process.
- 1 Is this bridge haunted by the ghost of nu rave?
- 2 Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
- 3 The West has it totally wrong on Lee Kuan Yew
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Noel Gallagher: I lost sh*tloads of money, a few million, didn’t tell my wife
Is this bridge haunted by the ghost of nu rave?
Saudi Arabia says it won't rule out building nuclear weapons
Germanwings plane crash: Andreas Lubitz 'had eyesight problems' and woke from nightmares 'screaming we’re going down'
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
£6 per hour: Recruitment Genius: This is an exciting opportunity to join a gro...
Negotiable: Recruitment Genius: A Service Delivery Manager is required to join...
£12000 - £24000 per annum: Recruitment Genius: A opportunity has arisen for a ...
£32000 - £38000 per annum: Ashdown Group: A successful accountancy practice in...