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TrueMacedonian 01-10-2013 12:11 PM

Greece unemployment hits highest rate in European Union

[B]Greece unemployment hits highest rate in European Union[/B]
10 January 2013 Last updated at 07:09

[I][B]The latest unemployment rate for Greece has risen to 26.8%, the highest figure recorded in the European Union (EU).[/B][/I]

The official Greek data for October sees Greece overtake Spain as the country with the highest unemployment rate in Europe.

The Greek economy remains mired in recession and the government is in the process of imposing significant austerity measures.

Athens is cutting spending to meet the terms of its financial bailouts.

So far, the European Central Bank, International Monetary Fund, and the European Commission have pledged a total of 240bn euros ($315bn; 196bn) in rescue loans, of which Greece has received more than two thirds.

The Greek government required the bailouts because it was struggling to meet the interest payments on its existing debts.

Under the terms of the rescue funds, Greece is having to agree to substantial spending cuts, such as redundancies and pay freezes in the public sector, and reduced pensions. This is having a major knock-on impact on the wider Greek economy.

While Greece's unemployment rate in October was 26.8%, the most recent official figure for Spain - for the month of November - was 26.6.

Spain is also in recession, with its government having to cut spending to reduce its debts.

The BBC's Athens correspondent, Mark Lowen, said: "Greeks blame austerity for the rise, with the number of jobless more than doubling since the country was first bailed out in 2010.

[B]"And with more spending cuts this year, many predict the rate will soon hit 30%."[/B]

TrueMacedonian 01-10-2013 12:14 PM


[B]Think tank: Greece's jobless rate to rise further[/B]
Jan. 10, 2013, 11:09 a.m.

By Nektaria Stamouli
The Greek economy is expected to shrink 4.6% this year, while the unemployment rate is expected to rise further to 27.3%, a business think-tank said Thursday.

The Foundation for Economic and Industrial Research, or IOBE, said in its report that its "forecast is slightly worse than the government's prediction of a 4.5% decline in gross domestic product."

The country's economy is foreseen by its international creditors--the European Union and the International Monetary Fund--to contract by more than 4.2% in 2013.

It also reiterated its estimate for a 6.6% contraction in 2012 and a 24.5% unemployment rate.

"This year will be much better compared to 2012 as regards the economic indicators," said IOBES Vice President Raphael Moisis. "But the economy's recovery is not sufficient in order to improve the unemployment issues."

Earlier Thursday, the Greek statistics agency Elstat said a further 36,219 people lost their jobs in October, bringing the total to 1.35 million. That amounts to 26.8% of the population that is eligible to work, up from 26.2% in September.

Greece's unemployment level is much higher than the euro-zone average, which stood at 11.7% in October, according to figures from the European Union statistics agency, Eurostat.

Elstat said the number of unemployed people in October was nearly 38% higher than a year earlier.

IOBE said about 60% of those are long-term unemployed, which makes their reintegration into the county's workforce even more difficult

momce 01-10-2013 12:38 PM

this is the real economy of these countries once can expect the same conditions permeating to the other parts of the world also its sad to say but one can probably expect a corporate police state governing the world in the future

Risto the Great 01-10-2013 05:36 PM

Not far off Macedonia's rate. What makes Macedonians think they will have better jobs in the EU? What makes Macedonians think they will be smarter than the Greeks at rorting the EU?

Alarm bells were ringing ages ago, now it is nuclear bombs! Yet the Macedonians still salivate like Pavlovian dogs at the sound of the EU bell.

George S. 01-11-2013 01:33 AM

Macedonia is simply following the others & is simply going to get into massive debt .Also hoping to get on the gravy train of corruption etc.Whats new??If it came to corruption etc macedonia has not learned the lesson it's all too easy when you aren't accountable to anyone.

momce 01-11-2013 09:06 AM

Thats basically what elites want is access to major corporate centres while the surrounding areas become third world dead zones increasingly. So the EU is their major gambet.

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