CNN MONEY: Greek unemployment hit a new record of 25.4% in August as five years of recession and government spending cuts continued to take their toll, with young people hit hardest.
The Greek statistics office ELSTAT said the seasonally-adjusted jobless number rose to 1.27 million in August, up 352,000 from the same month a year earlier when the unemployment rate stood at 18.4%. In July 2012, the figure was 24.8%…
The Greek parliament Wednesday approved a further round of labor market reforms and spending cuts in the face of violent street protests by tens of thousands of Greeks, angry at years of belt-tightening that have slashed the living standards for many of Greece’s population of 10 million… (more)
EDITOR: Absolute madness! How can an economy with 25% unemployment sustain further draconian cut backs and yet pay down its foreign debts? As we have been saying for over a year, Greece should leave the Euro zone. Enough time has passed that banks and businesses have hedged for such an event by clauses in contracts.
