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Unemployment in Greece touches record high of 27.6 per cent

Associated Press     August 8, 2013
Unemployment in Greece rose to a new record high of 27.6 per cent in May, leaving almost two thirds of young people without a job.

The jobless rate rose from 27 per cent in April and 23.8 per cent in May last year.

The Hellenic Statistics Authority on Thursday said young people were by far the worst affected, with unemployment among job-seekers aged 15 to 24 standing at 64.9 per cent.

Greece has been depending on funds from international rescue loans since May 2010, after years of profligate spending and fiscal mismanagement left it with a massive budget deficit. In return, successive governments have imposed stringent austerity measures, including tax hikes and salary and pension cuts that have caused the economy to contract.

The country is currently in the sixth year of a deep recession .

Greece's bailout from the International Monetary Fund (IMF) and other European countries that use the euro as their currency is delivered in installments, and the country's finances are inspected by its creditors before each disbursement.

The latest measures Greece must push through include firing thousands of civil servants from their jobs.

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