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Greek unemployment now at 26 percent

By Catholic Online (NEWS CONSORTIUM)
March 15th, 2013
Catholic Online (www.catholic.org)

Greece, the nation largely precipitating the Eurozone's ongoing financial crisis, has seen unemployment edge up to 26 percent in recent months. With more than one in four Greeks out of work, statistics have proved that Greek women stand a greater chance of being unemployed than men.

LOS ANGELES, CA (Catholic Online) - The 26 percent of the workforce in the fourth quarter of 2012 was in contrast with 20.7 percent in the corresponding period a year earlier. The state statistics agency reported this week that the jobless rate was 24.8 percent in the third quarter.

The number of unemployed in the last three months of the year amounted to 1,295,535 while 3,681,926 were registered as employed. Again, women were more likely to be unemployed, at a rate of 29.7 percent compared with 23.3 percent among men.

The highest rate of unemployment was registered for youths aged 15-24, at 57.8 percent, a level that climbed to 65 percent for young women.

Greece has been in serious recession since 2008, with unemployment growing ever higher. Reliant on international loans for its economic survival, Greece has had to accept harsh austerity measures in exchange for financial aid.

Austerity measures have combined with the recession has taken a harsh toll on the workforce.
The national statistical authority said Thursday that 1.29 million people were out of a job in October-December 2012. In the under 25 age group, unemployment was 57.8 percent.

The rate for women was 29.7 percent, compared with 23.3 percent for men.

Greece's economy has been falling apart over the past three years, savaged by its financial crisis. The country is surviving on international rescue loans, released on condition it keeps up a tough program of spending cuts and tax hikes.

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