Unemployment to go beyond 20 pct in 2012, says IOBE

Unemployment figures in Greece will reach beyond 20 percent in 2012 according to Yannis Stournaras, head of the Foundation for Economic and Industrial Research (IOBE), the country?s most influential think tank.

Speaking to the Financial Times, Stournaras noted that the think tank?s unemployment figures were higher than those projected by the Bank of Greece, which predicted that figures will reach 19 percent.

He added that the bank?s estimate regarding the country’s GDP contracting by 5 percent this year was ?fair.?