Greece unemployment rate jumps to 25.1%

Jobless Greeks wait outside an unemployment bureau in the capital Athens. (File photo)
Unemployment rate in Greece has jumped to 25.1 percent as the debt-ridden eurozone state is grappling with a worsening austerity-fuelled recession, data show.
“Unemployment in July 2012 was 25.1 percent, compared with 17.8 percent in July 2011,” Greece’s statistics agency said in a statement on Thursday.

The state statistical authority revealed that jobless rate in the European country rose for the 35th consecutive month in July with more than 1.4 million people out of work.

Greece has been at the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession because of the government-introduced harsh austerity measures.

On October 1, the Greek government unveiled its 2013 draft budget, which includes measures that would affect pensions, benefits, and the salaries of civil servants to meet the criteria by the troika of lenders, i.e. the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB).

The new austerity program includes measures to slash pensions by 3.5 billion euros, health cuts worth 1.47 billion euros as well as a 517-million-euro reduction in defense spending. However, the measures have not convinced the troika.

Meanwhile, inflation in debt-riddled Spain, the fourth-largest economy in the eurozone, rose to a 17-month high in September due to a hike in sales tax and medicine prices.

Official figures suggested that consumer prices increased 3.5 percent in September, the highest rate since April 2011.

The Spanish economy has been struggling since the country’s slide into recession as a result of the global financial crisis that began roughly five years ago. (PressTV)

YH/MA

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