Jobless rate climbs to 23.1% in Greece
August 10, 2012, Friday
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GREECE'S jobless rate climbed to a new record in May, underlining how austerity prescribed to slash deficits and keep bailout funds flowing is hitting the economy on which recovery depends.
The latest data yesterday showed the jobless rate climbed to 23.1 percent, with nearly 55 percent of those aged 15-24 out of work, a desperate situation that fed into the popularity of anti-bailout parties in Greek elections this year.
The gloomy data coincided with news the government plans to revive a labor reserve measure targeting 40,000 public servants for eventual dismissal, in a drive to achieve 11.5 billion euros in savings promised to international lenders.
Government officials citing this scheme said Athens also intends to shed tens of thousands of temporary contract workers by streamlining its needs across ministries and state entities.
Unemployment in Greece is already more than twice the average rate in the 17 countries sharing the euro and nearly as bad as in Spain where the jobless rate registered 24.6 percent in the second quarter.
Unemployment in April was 22.6 percent.
"My unemployment benefit runs out in a few months, I hope the government keeps its promise to extend it by another 12 months," said Eva Grigoriou, 42, who lost her job in the retail trade as the recession led to cutbacks.
"I don't see light at the end of the tunnel," she said.
The sharp labor market deterioration, coupled with cuts in pay and pensions and a bleak economic outlook, have fueled anger against the pro-bailout mainstream parties which suffered major losses in two election rounds in May and June.
The data showed 1.147 million people were officially jobless, 37.2 percent more than in the same month a year earlier.
The latest data yesterday showed the jobless rate climbed to 23.1 percent, with nearly 55 percent of those aged 15-24 out of work, a desperate situation that fed into the popularity of anti-bailout parties in Greek elections this year.
The gloomy data coincided with news the government plans to revive a labor reserve measure targeting 40,000 public servants for eventual dismissal, in a drive to achieve 11.5 billion euros in savings promised to international lenders.
Government officials citing this scheme said Athens also intends to shed tens of thousands of temporary contract workers by streamlining its needs across ministries and state entities.
Unemployment in Greece is already more than twice the average rate in the 17 countries sharing the euro and nearly as bad as in Spain where the jobless rate registered 24.6 percent in the second quarter.
Unemployment in April was 22.6 percent.
"My unemployment benefit runs out in a few months, I hope the government keeps its promise to extend it by another 12 months," said Eva Grigoriou, 42, who lost her job in the retail trade as the recession led to cutbacks.
"I don't see light at the end of the tunnel," she said.
The sharp labor market deterioration, coupled with cuts in pay and pensions and a bleak economic outlook, have fueled anger against the pro-bailout mainstream parties which suffered major losses in two election rounds in May and June.
The data showed 1.147 million people were officially jobless, 37.2 percent more than in the same month a year earlier.
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