Saturday November 1, 2014 Search
Weather | Athens
18o C
13o 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)  
Ministry swap halts talk of reshuffle as reforms eyed
Turkish-Greek cooperation in Aegean helps stem flow of migrants
Holocaust memorial in Athens vandalized
Turkey raises tensions, insisting on keeping vessel off Cyprus
Disposable income of households fell 10.3 pct in one year
The reduction of Greek households’ disposable incomes in 2013 compared with 2012 amounted to a total of 14 billion euros, the biggest since the start of the crisis according to data released...
Banks unhappy with bad loans bill
Bank officials are expressing serious reservations about the efficiency of the government’s bill regarding nonperforming corporate loans, arguing that the target set by the Development Minis...
Inside Business
BASKETBALL
Spanoulis played Zeus for Olympiakos against Neptunas
Captain Vassilis Spanoulis helped Olympiakos narrowly avoid an upset on Friday as it defeated Euroleague debutant Neptunas Klaipeda 85-81 in overtime in Lithuania to preserve its perfect sta...
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
EDITORIAL
Findings raise eyebrows
An investigation into money transferred to foreign banks by civil servants since 2010, when Greece’s brutal debt crisis erupted, has come up with some striking findings. The checks, which we...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Spanoulis played Zeus for Olympiakos against Neptunas
2. Disposable income of households fell 10.3 pct in one year
3. Banks unhappy with bad loans bill
4. State debtor numbers grew in September
5. Reform plan among conditions
6. Ministry swap halts talk of reshuffle as reforms eyed
more news
Today
This Week
1. Archaeologists find underground vault at Amphipolis tomb
2. Man shot dead, woman injured in Vathis square attack
3. Greek retail sales rise for third month in a row
4. Cyprus’s Georgiades bets on economy for Irish-style bailout exit
5. Germany’s 10-year bonds decline before euro-area inflation data
6. New defense minister to be appointed without reshuffle
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.