Greek unemployment rises to 27.9 percent

AP News
Posted: Sep 12, 2013 5:41 AM
Greek unemployment rises to 27.9 percent

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

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

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.