Sunday, May 12, 2013

Greece's youth unemployment hits 60% as recession continues to cripple the country

  • Jobless rate has almost tripled since country's debt crisis emerged in 2009
  • Reflects the pain caused by the country's crippling recession
Greek youth unemployment rose above 60 per cent for the first time in February, reflecting the pain caused by the country's crippling recession after years of austerity under its international bailout.

Greece's jobless rate has almost tripled since the country's debt crisis emerged in 2009 and was more than twice the euro zone's average unemployment reading of 12.1 percent in March.

While the overall unemployment rate rose to 27 per cent, according to statistics service data released on Thursday, joblessness among those aged between 15 and 24 jumped to 64.2 percent in February from 59.3 percent in January.

Rise:
Rise: A man walks outside a Greek Manpower Employment Organisation office,in central Athens. Greek youth unemployment rose above 60 percent for the first time in February