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Greece unemployment rate 27.6% in May

Posted by EU Times on Aug 8th, 2013 // No Comment

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Fresh data show that the unemployment rate in debt-ridden Greece hit a record high in May, with youth accounting for the largest jobless number.

Greece’s jobless rate reached 27.6 percent in May, up from 27.0 percent in April, according to a report released on Thursday by Greece’s statistic service LSTAT.

The agency added that the youth aged between 15 and 24 were hit the hardest with a 64.9 unemployment rate in May.

The country’s unemployment rate stands at more than double the eurozone’s average unemployment reading of 12.1 percent, reflecting a deepening recession after years of austerity imposed under the EU bailout plan.

Athens has been dependent on bailout funds from international rescue loans approved by the troika of international creditors – the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) – since May 2010.

The Greek economy is in its sixth year of recession due to fiscal mismanagement resulting in tax rises and spending cuts.

Greece has been at the epicenter of the eurozone debt crisis, with ongoing demonstrations held in several Greek cities against harsh austerity measures.

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