Greek jobless rate hits record 1 in 4

 

Athens

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.

Reuters

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Tax Manager

£45000 - £65000 per annum: Recruitment Genius: Progressive practice, punching ...

Recruitment Genius: Ruby On Rails Developer

£45000 - £50000 per annum: Recruitment Genius: This is a fantastic opportunity...

Recruitment Genius: PHP Web Developer

£25000 - £35000 per annum: Recruitment Genius: This an exciting opportunity to...

Recruitment Genius: Lift Engineer

£28000 - £35000 per annum: Recruitment Genius: Lift Engineer is required to jo...

Day In a Page

In a world of Saudi bullying, right-wing Israeli ministers and the twilight of Obama, Iran is looking like a possible policeman of the Gulf

Iran is shifting from pariah to possible future policeman of the Gulf

Robert Fisk on our crisis with Iran
The young are the new poor: A third of young people pushed into poverty

The young are the new poor

Sharp increase in the number of under-25s living in poverty
Greens on the march: ‘We could be on the edge of something very big’

Greens on the march

‘We could be on the edge of something very big’
Revealed: the case against Bill Cosby - through the stories of his accusers

Revealed: the case against Bill Cosby

Through the stories of his accusers
Why are words like 'mongol' and 'mongoloid' still bandied about as insults?

The Meaning of Mongol

Why are the words 'mongol' and 'mongoloid' still bandied about as insults?
Mau Mau uprising: Kenyans still waiting for justice join class action over Britain's role in the emergency

Kenyans still waiting for justice over Mau Mau uprising

Thousands join class action over Britain's role in the emergency
Isis in Iraq: The trauma of the last six months has overwhelmed the remaining Christians in the country

The last Christians in Iraq

After 2,000 years, a community will try anything – including pretending to convert to Islam – to avoid losing everything, says Patrick Cockburn
Black Friday: Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Britain braced for Black Friday
Bill Cosby's persona goes from America's dad to date-rape drugs

From America's dad to date-rape drugs

Stories of Bill Cosby's alleged sexual assaults may have circulated widely in Hollywood, but they came as a shock to fans, says Rupert Cornwell
Clare Balding: 'Women's sport is kicking off at last'

Clare Balding: 'Women's sport is kicking off at last'

As fans flock to see England women's Wembley debut against Germany, the TV presenter on an exciting 'sea change'
Oh come, all ye multi-faithful: The Christmas jumper is in fashion, but should you wear your religion on your sleeve?

Oh come, all ye multi-faithful

The Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Dr Charles Heatley: The GP off to do battle in the war against Ebola

The GP off to do battle in the war against Ebola

Dr Charles Heatley on joining the NHS volunteers' team bound for Sierra Leone
Flogging vlogging: First video bloggers conquered YouTube. Now they want us to buy their books

Flogging vlogging

First video bloggers conquered YouTube. Now they want us to buy their books
Saturday Night Live vs The Daily Show: US channels wage comedy star wars

Saturday Night Live vs The Daily Show

US channels wage comedy star wars
When is a wine made in Piedmont not a Piemonte wine? When EU rules make Italian vineyards invisible

When is a wine made in Piedmont not a Piemonte wine?

When EU rules make Italian vineyards invisible