Greek unemployment hits record high of 25.1% in July
Source: Agencies |
October 12, 2012, Friday
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Print Edition
Print Edition
UNEMPLOYMENT in Greece hit a record high of 25.1 percent in July as the country's financial crisis continues to exact its heavy toll, official figures showed yesterday.
And all indications are that unemployment in Greece will be heading higher. The country is widely predicted to enter a sixth year of a recession, that's already seen economic output slump by a quarter and youth unemployment push way above 50 percent.
"This is a very dramatic result of the recession," said Angelos Tsakanikas, head of research at Greece's IOBE economic research foundation. Tsakanikas added that he does not expect employment to pick up significantly for at least a year.
After losing access to international money markets and nearly defaulting on its mountain of debt, Greece has survived on international bailouts since May 2010.
And all indications are that unemployment in Greece will be heading higher. The country is widely predicted to enter a sixth year of a recession, that's already seen economic output slump by a quarter and youth unemployment push way above 50 percent.
"This is a very dramatic result of the recession," said Angelos Tsakanikas, head of research at Greece's IOBE economic research foundation. Tsakanikas added that he does not expect employment to pick up significantly for at least a year.
After losing access to international money markets and nearly defaulting on its mountain of debt, Greece has survived on international bailouts since May 2010.
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