Greek Unemployment Hits 28% in November 2013
Unemployment has hit a record high figure of 28% in Greece during November 2013.
The data released by the Greek government shows a 0.3% increase in unemployment from the preceding month, as well as a record high 61.4% jobless under the age of 25.
Despite the alarming figures, experts predict that Greece's economy will come out of recession in 2014. Facts, however, show that firms and public institutions are continuing with job cuts and austerity measures, the BBC reports.
"As expected, the labour market showed a lagging reaction to other positive signs in the economy", said Nikos Magginas of the National Bank in Athens.
Recently, Germany revealed that it is preparing a third bailout package for Greece, worth between EUR 10-20 B.
- » Russian Humanitarian Aid Convoy Enters Ukraine's Donbass
- » EP Approves Association With Georgia, Calls Russia to Withdraw
- » European Council Approves Juncker's EUR 315 B Investment Plan
- » Lifting of Sanctions Against Russia Dependent on Ukrainian Integrity - EU
- » EU Slaps New Sanctions on Crimea Targeting Energy, Tourism
- » High Rates, Volatile Rouble Increase Risks to Russia’s Economy, Fitch Says