Greece's Surging Unemployment May Become ‘Bomb’ to Society, Minister Says

[TrueMacedonian]

http://www.bloomberg.com/news/2011-0...ster-says.html

Greece's Surging Unemployment May Become ‘Bomb’ to Society, Minister Says

By Marcus Bensasson - Mar 28, 2011 7:03 AM ET

Greece’s increasing jobless rate may become a “bomb in the foundations of society” as the government struggles to lower the country’s budget gap, Economy and Competitiveness Minister Michalis Chrisochoides said.

“The economic problem will at some point be solved but the social problems are getting continually more toxic,” Chrisochoides said in an interview on March 22 in Athens. “At the moment we have a society that is patient and dealing with the problem, but we have to show people that what we are doing is working.”

Greece’s unemployment rate surged to a record 14.8 percent in December, making it the second highest after Spain in the 17- member euro region. The government has been forced to toughen spending cuts and raise taxes in exchange for last year’s 110 billion-euro ($115 billion bailout from the European Union and the International Monetary Fund as the nation grapples with its third year of recession.

A possible doubling of investment under the country’s National Strategic Reference Framework may help shift the growth drivers from consumer spending to exports and output, Chrisochoides said. The funds are unaffected by government efforts to implement deficit-cutting measures equivalent to 0.75 percent of gross domestic product this year, he said.

“We are trying to create a Greece that is friendly to investment,” Chrisochoides said. “Many businesses that didn’t have a healthy foundation will close during this crisis. The issue is to avoid strong ones closing because of a lack of available bank finance.”

Among those at risk is Elefsina Shipyards, which filed for creditor protection on March 10. The shipyard, which builds commercial and military ships, is in talks with the government and its lenders, Alpha Bank SA and Emporiki Bank SA (TEMP) about a restructuring.

Elefsina closing “would be a defeat because it is a very strong operation that employs 700 people and gives work to small businesses,” Chrisochoides said.

To contact the reporter on this story: Marcus Bensasson in Athens at [email protected]

To contact the editor responsible for this story: Craig Stirling at [email protected]

[fyrOM]

Only 14.8% unemployment rate? That's not enough. Od eden pomalce.

[George S.]

the bigger the unemployment the bigger the eventual revolt.

[Daskalot]

The snowball has started to roll. Lets see were it ends up.

[Voltron]

^ Hopefully into a default. I seriously dont understand what our govt is doing. They are buying time. Its inevitable. Why pander to these capatilistic pricks is beyond me.

1)Default and Leave the Euro sending this message
2)Exile/Jail Politicians and Greek juggernauts for treason
3)Confiscate their property (including their family members)
4)Bring in Diaspora Greeks to rule the country.

I know Im dreaming, but if it was up to me thats what I would do.
More and more I am admiring Argentina. Props to them.

[Bill77]

Originally Posted by Voltron

1)Default and Leave the Euro sending this message
2)Exile/Jail Politicians and Greek juggernauts for treason
3)Confiscate their property (including their family members)
4)Bring in Diaspora Greeks to rule the country.

I know Im dreaming, but if it was up to me thats what I would do.
More and more I am admiring Argentina. Props to them.

Well i have the similar wishful thinking only i dream it on the Macedonian government.


1)Turn our backs on any EU aspirations and sending this message
2)Exile/Jail Politicians and Macedonian juggernauts for treason
3)Confiscate their property (including their family members)
4)Bring in Diaspora Macedonians to rule the country

[George S.]

voltron your politicians have allready spirited the money away.So when things get more bad massive unemployment will bring a big revolt by the greek masses.

[TrueMacedonian]

Originally Posted by Voltron

^ Hopefully into a default. I seriously dont understand what our govt is doing. They are buying time. Its inevitable. Why pander to these capatilistic pricks is beyond me.

1)Default and Leave the Euro sending this message
2)Exile/Jail Politicians and Greek juggernauts for treason
3)Confiscate their property (including their family members)
4)Bring in Diaspora Greeks to rule the country.

I know Im dreaming, but if it was up to me thats what I would do.
More and more I am admiring Argentina. Props to them.

I guess dreaming and blaming is a typical grk response in the face of a catastrophe. Unemployment in greece is now 27% soon to hit 30%. This dreaming has been a nationwide nightmare for some.

[DraganOfStip]

Here's something I came across by accident,an interesting article about why unemployed Greeks still refuse to go strawberry picking on their fields amid the crisis and leave that job to the migrant workers (many of them even Macedonian).

http://www.keeptalkinggreece.com/201...berry-picking/

[Phoenix]

Originally Posted by DraganOfStip

Here's something I came across by accident,an interesting article about why unemployed Greeks still refuse to go strawberry picking on their fields amid the crisis and leave that job to the migrant workers (many of them even Macedonian).

http://www.keeptalkinggreece.com/201...berry-picking/

If there's such a thing as 'Karma', the greeks still haven't encountered it...all this 'inconvenience' the 'poor' bastards are enduring is paradise compared to the fate they deserve.

I've just watched a doco on Cyprus and their own fall into the abyss but WTF were they (Cyprus and the EU) thinking, as the analogy the presenter used, the Cypriots went from goat herders to international bankers, overnight.

You just can't polish a turd, whether that turd be greek, cypriot, slovenian, bulgar or any of the first world pretenders that have fraudulently entered the EU.