Greece Jobless Rate Hits Record High 25%

World | October 11, 2012, Thursday // 18:42
Bulgaria: Greece Jobless Rate Hits Record High 25% Greece has been hit over the last year by a wave of strikes in protest against tough government measures and rising unemployment rate. Photo by EPA/BGNES

Unemployment in Greece hit a record 25.1% in July, with the level among young people reaching 54.2%, according to the latest official figures.

Greece's statistical authority said 1.26 million Greeks were jobless in July, with more than 1,000 jobs lost every day over the past year.

With austerity cuts continuing and Greece likely to enter another year of recession, the level may rise further.

The worst-affected 15-24 age group, however, includes those in education.

According to Greece's statistics agency the total unemployment rate rose from 24.8% in June. In July 2008, a year before Greece's financial crisis broke, there were about 364,000 registered unemployed.

The figures emerged just as Greece's largest company Coca Cola Hellenic announced it is about to move its headquarters to Switzerland and list its shares in London.

Analysts are unanimous that this is very bad news for the economy and bourse of Greece, which is struggling with its fifth year of recession.

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