Friday May 22, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Over half of Greek youth unemployed

 Statistics service figure shows joblessness hit record high of 21% in December

Greek unemployment hit another record high in December and for the first time the number of young people without a job outnumbered those in work.

Statistics service ELSTAT said on Thursday that the overall jobless rate rose to 21 percent from 20.9 percent in November, twice the euro zone rate.

The average unemployment rate for 2011 jumped to 17.3 percent from 12.5 percent in the previous year, according to the figures, which are not adjusted for seasonal factors.

Youth were particularly hit. For the first time on record, more people between 15-24 years were without a job than with one. Unemployment in that age group rose to 51.1 percent, twice as high as three years ago.

Budget cuts imposed by the European Union and the International Monetary Fund as a condition for saving the debt-laden country from a chaotic default have caused a wave of corporate closures and bankruptcies.

Greece's economy is estimated to have shrunk by a about a fifth since 2008, when it plunged into its deepest and longest post-war recession. About 600,000 jobs, more than one in ten, have been destroyed in the process.

Things will get worse before they get better, according to analysts. Despite some emergency government measures to boost employment in early 2012, it is hard to see how the upward unemployment trend can be stabilized in the first half of the year, said Nikos Magginas, an economist at National Bank of Greece.

A record 1,033,507 people were without work in December, 41 percent more than in the same month last year. The number in work dropped to a record low of 3,899,319, down 7.9 percent year-on-year.

Pressured by its international backers under the terms of a planned European Union/International Monetary Fund bailout, the country's second since 2010, Greece last month slashed its minimum monthly wage by about a fifth to about 580 euros ($760), gross, to encourage hirings.

German finance minister Wolfgang Schaeuble, however, said on Wednesday this was still higher than other debt-laden countries such as Spain.

The average jobless rate in the 17 countries sharing the euro rose slightly in December to a seasonally adjusted 10.6 percent, from 10.5 percent in November. ($1 = 0.7622 euros).

[Reuters]

ekathimerini.com , Thursday March 8, 2012 (13:45)  
Juncker, Tsipras eye Greece deal in early June
EU to propose relocating 40,000 refugees from Italy, Greece
N17 convict Xeros gets more time for defense on prison breakout plan
Civil aviation staff to hold walkout on holiday weekend
Slow ending to a good bourse week
For the third time in the past few days the Greek bourses benchmark failed to stay above the 850-point level on Friday, as the EU summit in Riga gave traders an ambiguous picture of the cou...
Lagarde says much work left to be done on Greece deal
A potential deal to help resolve Greece's debt crisis still requires a lot of work and must not be rushed, the head of the International Monetary Fund said on Friday. "I know there is a lot ...
Inside Business
SOCCER
Greece escapes soccer suspension, FIFA happy with changes
FIFA says it is satisfied with changes made to sporting law in Greece, and has dropped a threat to suspend the country from international competition. In a letter to the government dated May...
SOCCER
Four-goal Panathinaikos thrashes Asteras away
Panathinaikos thrashed Asteras at Tripoli to gain an early advantage in the race for a spot in next seasons Champions League qualifiers, as the Super League play-offs got under way on Wedne...
Inside Sports
EDITORIAL
Consensus is key
The education bill that has been put forward by Greeces leftist-led government has to be the subject of extensive public consultation. Even more importantly, it needs to be approved in Parl...
COMMENTARY
The other inequality: how the state spends our money
Growing inequality between rich and poor across the world has rightly become the focus of much investigation and analysis. The Organization for Economic Cooperation and Development underline...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Slow ending to a good bourse week
2. Juncker, Tsipras eye Greece deal in early June
3. Greece escapes soccer suspension, FIFA happy with changes
4. Lagarde says much work left to be done on Greece deal
5. EU to propose relocating 40,000 refugees from Italy, Greece
6. Greece to cut bank rescue fund managers pay by 40 percent
more news
Today
This Week
1. Merkel stamps out brief optimism on Greece after Tsipras talks
2. Tsipras to meet Juncker on second day of Riga summit
3. Lessons from Israels tech miracle
4. EOPYY struggles for funding, sees overdue debt rise
5. Banks will be asked to revise their restructuring plans
6. Greece sees reforms deal with lenders in next 10 days, spokesman says
Today
This Week
1. The Greek-German breakthrough that didnt come
2. Phony dilemma
3. Greece came close to not paying IMF
4. Conspiracy madness
5. National self-awareness put to the test
6. Albanian demarche raises concerns about possible territorial claims over Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.