More than six out of every 10 jobless people in Greece have been out of work for over a year, according to Hellenic Statistical Authority (ELSTAT) data published on Thursday.
Fourth-quarter figures for 2012 put the unemployment rate at 26 percent, from 24.8 percent in the previous quarter and 20.7 percent a year earlier. The jobless number reached 1,295,535, with 65.3 percent having been without work for more than 12 months.
Chosen excerpts by Job Market Monitor
Europe’s lost generation / Youth unemployment exceeds 60 percent in Greece, is above 50 percent in Spain and tops 40 percent in Portugal
Children across Europe are being driven into poverty by harsh government austerity and youth unemployment is soaring, threatening to create “lost generations” that could fire up a new continental crisis. Global charity Caritas said on Thursday that around three out of every 10 children in Greece, Ireland, Portugal, Italy and Spain are in or have … Continue reading »
Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets … Continue reading »
Officials say talks this coming week between crash-strapped Greece and its international creditors will focus heavily on the possibility of public sector layoffs. Representatives of the creditors – the European Commission, the European Central Bank and the International Monetary Fund – held preliminary talks with Greek finance officials Sunday but reached no decisions. Three Finance …Continue reading »
The IMF has apologized for a mistaken email demanding Greece dismisses thousands more civil servants than the earlier agreed lay off of 27,000 employees. The letter spurred concerns in the government that more layoffs will be demanded. The email arrived at the Greek Ministry of Finance from the IMF Representative in Athens Bob Traa before … Continue reading »
Greece’s drive to crack down on flagrant tax evaders such as doctors and lawyers is flagging and must be reinvigorated, a report by the European Union and International Monetary Fund said on Monday. Athens has collected just half the tax debts and conducted less than half the audits it was supposed to under the targets … Continue reading »
Greece – The biggest cumulative loss of output of a developed-country economy in at least three decades
Greece is spiraling into the kind of decline the U.S. and Germany endured during the Great Depression, showing the scale of the challenge involved in attempting to regain competitiveness through austerity. The economy shrank 18.4 percent in the past four years and the International Monetary Fund forecasts it will contract another 4 percent in 2013 … Continue reading »
In 2007, Spain and Greece had lower unemployment rates than the euro area as a whole. In their article, Thomas Klitgaard and Ayşegül Şahin ”show that while the unemployment rates in the two countries are similar today, the paths have been very different.” (Choosen excerpts by Job Market Monitor to follow) The employment decline in Greece, like … Continue reading »