Unemployment in Greece
Via the BBC: Greece jobless rate hits new record of 28%
The jobless rate in Greece reached a record high of 28% in November, according to newly released government figures.
The rate increased from 27.7% in the previous month. For those under the age of 25, unemployment hit 61.4%.
Harsh austerity measures have led the Greek economy to shrink by a quarter in four years.
Greek unemployment is more than twice the average rate in the eurozone.
Greece’s unemployment rate is expected to rise further in the first three months of 2014 as firms continue to restructure and cut jobs.
The report does note the following:
Slight growth is expected this year and the deficit now wiped out, apart from interest payments on the bailout.
Before the crash when Greece was growing at up to 5% annually, about 50,000 jobs a year were added to the economy.
At these rates it could take more than 20 years to reduce the jobless totals – without measures to encourage domestic and foreign investment