Greek Unemployment Hits Record 25.1%



Greek Prime Minister Antonis Samaras’ hopes of putting the floundering Greek economy on the road to recovery took another hit with the release of figures showing that the country’s unemployment rate hit another record high and was at 25.1 percent in July.

The jobless rate rose from 24.8 percent a month earlier, according to the country’s statistics service ELSTAT. Nearly two million people in Greece are without work, including those whose year-long benefits have run out.

Austerity measures imposed in the last 2-1/2 years on the orders of international lenders have largely backfired and worsened the plight of many Greeks, closed 68,000 businesses and is shrinking the economy by 7 percents. Samaras’ uneasy coalition government is set to implement more of the same conditions in a $17.45 billion spending cut and tax hike plan needed to get the release of a $38.8 billion foreign aid package.

The unemployment has risen for the last 35 months and nearly 55 percent of those under 25 are without work. Unemployment benefits have also been cut as has the minimum wage making it difficult even for those with jobs to make ends meets. Greece’s jobless rate is more than twice the 11.4 percent average in the 17-member Eurozone of countries using the euro.


5 COMMENTS

  1. …and yet the thousands of incompetent civil servants appointed to sinecures who tie up the economy in red tape are still in work. 

  2. If they can’t find work they should be upgrading their skills or trying to create work for themselves. Unfortunately the communist and socialist dominated unions (and even a few allegedly on right) continue to encourage some Greeks to see themselves as “victims” to austerity instead of suffering the inevitable results of lack of productivity and excessive government spending.  Rather than embracing austerity and focus on industry and technology as long over due change, too many are shamefully whining that others owe them money.

    Uncle Tsipiras will give us all money from magic communist money tree… if we just give him power.   His mentality (and those that take such incompetent extremist buffoons seriously) is the exact sort of vote bribery stupidity that created our bloated and inefficient government in the first place. Any Greek that still expects our government to provide them a living is a burden to Greek society.

  3. And you think that working in the private sector is better or more productive now with Troika? They tax you to hell and beyond, my sister had to pay more taxes than her annual income(she was unemployed laywer with just a bit of income from a few small cases and the tax was greater than that, with her obligations payed by my parents!). Ok you should not expect from the state to give everything to you, but this is ridiculous, the opposite happens, the state wants to take everything from us.

  4. It is very sad to read that Greece’s unemployment figures have reached 25%..
    What is sad is that the leaders of each party are still biggering and no one is offering any solutions to Greece’s problems..
    Greece’s leadership needs to implement a company tax rate of 10% for companies…It needs to set the minimum wage to $25O to $300 euros a month…and set up a land titles office..
    1. Permanent employment in the public sector needs to be abolished..Greece needs to entice new companies to set up in Greece fast..yesterday not tommorow..
    2. Greece should also set up a centralised licensing scheme for all trades and professions like a licensing board..and enforcement department…
    3. Laws regarding tax collection to be amended and enforced…
    4. It needs to have tourist information offices setup in Athens, Thessaloniki, Crete and even consider the airlines some space to allow passengers to take 40 to 60kg of baggage home from Greece if they shop in Greece…
    Greece needs leaders that do something we need a visionary, take on the europeans at their own game and be better at it.Greece needs to become the benchmark that other countries aspire to be not loath us Greeks…Make a Greece a destination of choice for these companies not one to only holiday…