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Greece Unemployment Rate Continues To Rise

February 14th, 2014

The Greek debt crisis,  epicenter of the Eurozone debt crisis, has in recent months receded from the global headlines. This may have given a false impression that the Greek economic crisis has been solved.  However, official statistics just released by Athens demonstrate that Greece remains struck in a fiscal and economic catastrophe that is clearly a depression by any known measurement.

In November, the Greek jobless rate reached a record high level of 28 percent, an increase from the unemployment figures from the previous month, which stood at 27.7 percent. Most alarming, youth unemployment in Greece, defined as those seeking jobs under the age of 25, now stands at  a staggering and almost incomprehensible 61.4 percent.

To understand how disastrous the unemployment rate is in Greece, just compare the current level of 28 percent with the jobless rate prior to the onset of the nation’s debt crisis in May of 2010, which stood below 12 percent. Official  talk from the government in Athens is that thanks to the skill and brilliance of Greek politicians, the country’s economic woes are on the mend. Reality says something very different.



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