Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/12/2013 (1 year ago)

Catholic Online (www.catholic.org)

Unemployment climbs ever skyward in spite of austerity cuts

The bellwether of the European Union's economic crisis, the nation of Greece has wracked up momentous debt and has seen many of its population - particularly young people, go jobless. Recent statistics say that the situation here has gone from bad - to worse.

Speaking in February, Finance minister Yannis Stournaras says that pre-bookings for the tourism season in Greece were 'very good' and a finance ministry official indicated earlier this week that tourism is expected to offset the effect of Cyprus' banking crisis.

Speaking in February, Finance minister Yannis Stournaras says that pre-bookings for the tourism season in Greece were "very good" and a finance ministry official indicated earlier this week that tourism is expected to offset the effect of Cyprus' banking crisis.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/12/2013 (1 year ago)

Published in Europe

Keywords: Greece, tourism, unemployment, Eurozone, euro


LOS ANGELES, CA (Catholic Online) - Greece's jobless rate has almost tripled since the country's debt crisis emerged in 2009.

According to Greece's statistics service, Elstat, unemployment in January stood at 27.2 percent, up from a revised 25.7 percent in December. Youth unemployment edged further towards the 60 percent mark, rising to 59.3 percent in January which was up from 51 percent in the same month in 2012.

Joblessness has grown steadily higher in Greece as tax rises and spending cuts demanded by creditors took their toll. The economy is expected to shrink 4.5 percent this year.

"The first quarter will remain tough amid the deep recession, despite an improvement in the previous two months due to seasonal hirings," Nikos Magginas, an economist at commercial Greek lender National Bank said.

Speaking in February, Finance minister Yannis Stournaras says that pre-bookings for the tourism season in Greece were "very good" and a finance ministry official indicated earlier this week that tourism is expected to offset the effect of Cyprus' banking crisis.

Data earlier this month showed that unemployment across the eurozone as a whole hit a record 12 percent in February. Statistics office Eurostat estimated that 19 million people in the eurozone were unemployed in February, a 33,000 rise on the previous month.

Highest increases in unemployment rates were witnessed in Greece and Spain. Austria, Germany and the Netherlands were among those countries with the lowest rates.

Some politicians have warned that cost-cutting measures which raise unemployment could result in the rise of populist governments after three years of austerity policies to tackle the economic crisis in the European Union.

"Prolonging austerity today risks not achieving a reduction in deficits but the certainty of making governments unpopular so that populists will swallow them whole when the time comes," French President Francois Hollande said last month.

EU jobs commissioner Laszlo Andor has described the "unacceptably high" levels of unemployment as a "tragedy for Europe."

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Scandalous details come to light over defrocked nuncio's abuse of young boys Watch

Image of Shoeshine boys int he Dominican Republic say that Archbishop Jozef Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual acts.

By Catholic Online (NEWS CONSORTIUM)

Loathsome details have come to light over defrocked Archbishop Jozef Wesolowski, the Vatican's ambassador to the Dominican Republic. Shoeshine boys say that Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual ... continue reading


Archbishop appeals his defrocking for sexual abuse allegedly committed in Dominican Republic Watch

Image of If found guilty in a criminal trial, Archbishop Jozef Wesolowski could risk extradition to the Dominican Republic, which has appointed a special prosecutor to investigate the case.

By Catholic Online (NEWS CONSORTIUM)

Archbishop Jozef Wesolowski, from Poland, is accused of child sex abuse while he served in the Dominican Republic. He has since appealed against a Roman Catholic tribunal's decision to defrock him, according to the Vatican. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING: Are there more British Muslims fighting for the Islamic State than for British military? Watch

Image of Many young men facing poor job prospects in the U.K. find the IS narrative of defending Islam hard to resist.

By Catholic Online (NEWS CONSORTIUM)

It's a shocking figure that has many questioning immigration laws. Britain's Ministry of Defense has confirmed that there are approximately 600 British Muslim service members in its armed forces of almost 200,000 people. In a momentous slap to the West - and ... continue reading


British Archbishop demands Muslim leaders enforce discipline on youth or face the consequences Watch

Image of George Carey, a former Archbishop recently spoke on the dangers of the Islamic State, as well as the British Muslims who go overseas to fight for it.

By Catholic Online (NEWS CONSORTIUM)

A former Archbishop of Canterbury has called for Britons that are fighting for the Islamic State to be banished from Britain. LOS ANGELES, CA (Catholic Online) - Lord George Carey of Clifton said that Muslims must  discipline their young people, or see them ... continue reading


Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


WRITTEN OFF: Debt used by Vatican to finance religious films wiped clean Watch

Image of The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has ... continue reading


Spanish priest stricken with Ebola returned to Europe for treatment; Victims left rotting in streets Watch

Image of Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment.

By Catholic Online (NEWS CONSORTIUM)

Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment. In the meantime, shocking new photographs have emerged showing more victims being dumped in ... continue reading


Pope Francis Teaches on the Beatitudes: Portrait of Jesus and the Path to Happiness Watch

Image of Let us try to recall them and to imprint them, in our hearts. Let's do this: I will say them one after the other and you will repeat them. Agreed? - Pope Francis

By Catholic Online

As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Corinthians 1:1-9
1 Paul, called by the will of God to be an apostle of ... Read More

Psalm, Psalms 145:2-3, 4-5, 6-7
2 Day after day I shall bless you, I shall praise ... Read More

Gospel, Matthew 24:42-51
42 'So stay awake, because you do not know the day ... Read More

Saint of the Day

Saint of the Day for August 28th, 2014 Image

St. Augustine of Hippo
August 28: St. Augustine of Hippo is the patron of brewers because of his ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter