Unemployment rises in Greece amid political deadlock

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Unemployment rises in Greece amid political deadlock

Unemployment rises in Greece amid political deadlock

Thursday, May 10, 2012
  • gree
Apart from a worsening economic situation, Greece is struggling to form a new government.
ATHENS: Greece's jobless rate rose to 21.7 per cent in February with over a million people unemployed, official data showed on Thursday as the country struggled to form a government after indecisive elections.

The state statistics agency said over 1.07 million people were unemployed February, with over 19,000 losing their jobs in a month and over 336,000 over a year as Greece neared completion on a historic debt wipeout.

 

The jobless rate in January was 21.3 per cent, the agency said.

 

Over half of those aged up to 24 -- 53.8 per cent -- in addition to women are the hardest hit by a recession now in its fifth year.

 

A general election on Sunday punished mainstream parties tied to an unpopular EU-IMF loan agreement seen as the main cause of the recession.

 

Smaller leftist and nationalist groups opposed to the bailout, including a neo-Nazi party, elected 151 lawmakers in the 300-seat parliament but no clear winner emerged.

 

If ongoing government talks between parties fail, new elections will have to be called next month.