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Greek unemployment rises to 27.9 per cent in June, youth rate at 58.8 per cent

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(Globalpost/GlobalPost)

ATHENS, Greece - Unemployment continues to rise in recession-hit Greece, with the overall rate reaching 27.9 per cent in June. Even worse, 58.8 per cent of people under age 25 are out of work.

The Greek Statistical Authority reported Thursday that the jobless rate had risen from 24.6 per cent the previous year. In June 2008 before the global financial crisis bared its teeth and Greece entered recession, the rate stood at 7.3 per cent.

The jobless total stood at just over 1.4 million. In addition, around 3.33 million people in Greece are considered inactive, just shy of the 3.63 million in work.

Years of emergency taxes, pay cuts, and other austerity measures implemented as a condition of international bailout loans have hammered Greece's private sector.

The conservative-led government has promised to end the recession next year.

http://www.globalpost.com/dispatch/news/the-canadian-press/130912/greek-unemployment-rises-279-cent-june-youth-rate-at-588-cen