Friday, March 16, 2012

Greek jobless rate passes 20% in quarter four 2011 / Press TV / Information Clearing House

Jobless Greeks wait in line outside an unemployment bureau in Athens. (file photo)
Thu Mar 15, 2012 4:53PM GMT
Greek jobless rate has jumped to 20.7 percent in the fourth quarter of 2011 from 17.7 percent in the previous three month period, with more than a million people looking for work.

Greece’s official statistics agency Ase, announced on Thursday that 1.02 million Greek workers were without jobs in the fourth quarter, up from 878,266 three months earlier. The number of employed in the fourth quarter was 3.93 million.

Greece unemployment rate has expanded since 2010 when a debt crisis followed by several rounds of austerity measures sent the country even deeper into recession. The jobless figure was 14.2% in the fourth quarter of 2010.

More than 54 percent of the jobless in Greece are the "long-term" unemployed, those who have been looking for employment for more than a year, the agency said.

Meanwhile, Nearly 40 percent of Greeks aged between 15 to 29 years old were looking for a job in the fourth quarter.

Greece has the highest debt burden in proportion to the size of its economy in the 17-nation eurozone.

Despite numerous austerity cuts implemented by the government and bailout funds provided by international lenders, which are aimed at stimulating growth, Greek economy has continued to contract and is not expected to show expansion until 2013.

Viva Economic Justice!!!!
Michael “Waterman” Hubman
Aggregating and posting for Economic Justice             

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