Greece jobless rate hits new record high
Print Edition
Greece’s jobless rate hit a new record high of 27.6 percent in May, official national data showed yesterday as the country staggers under austerity linked to its bailout.
Record joblessness is a nightmare for Greece’s two-party coalition government as it scrambles to meet fiscal targets and show there is light at the end of the tunnel after years of unpopular tax rises and wage and pension cuts.
Unemployment rose to 27.6 percent from an upwardly revised 27.0 percent reading in April, according to data from statistics service ELSTAT and was more than twice the average rate in the eurozone which stood at 12.1 percent in June.
The latest reading was the highest since ELSTAT began publishing monthly jobless data in 2006.
Greece and Spain have similar levels of sky-high unemployment, with latest Eurostat data showing seasonally adjusted unemployment in June at 26.9 percent for Greece and 26.3 percent in Spain.
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