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.
- » EU Appoints Michel Barnier to Lead Negotiations on Brexit
- » Ansbach Attacker 'Feared Deportation to Bulgaria'
- » Russia, Turkey Reach ‘Political Decision’ on Gas Pipeline, NPP Projects
- » New Tax Hikes Force Rise in Relocation of Greek Firms to Bulgaria
- » Migration-Wary Bulgaria, Greece Agree to Hold Joint Special Forces Exercise at Border
- » Islamic State Group Claims Responsibility for Normandy Church Attack