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Greek unemployment rises to 27.9%

Unemployment continues to rise in recession-hit Greece, reaching 27.9% overall in June. Even worse, 58.8% of people aged under 25 are out of work.

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

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.

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From Belfast Telegraph