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Greek Unemployment Hits 21.8%

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Greece’s unemployment rate increased to 21.8 per cent in January, with nearly 350,000 people losing their jobs in the past year while the debt-strapped country’s economy remains stuck in recession.
The Greek Statistical Authority said Thursday that 1,084,668 people were out of work in the first month of 2012 — with 344,913 people losing their jobs since January 2011 — nearly 1,000 per day.

January΄s jobless rate, which is seasonally adjusted, is the highest on record since the statistics agency started putting together monthly unemployment data in 2004.
Greece is now in the fifth year of a recession that has led to soaring unemployment and rising business bankruptcies, made worse by tough austerity measures aimed at narrowing the government budget gap.

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