Unemployment in Greece has risen to a record 25 percent, according to reports by Euronews and other media outlets on Thursday. The latest numbers mark an increase of more than three times the rate that unemployment was at when the country's recession first began in 2008.
On the heels of the unemployment report, news broke that Coca Cola Hellenic, the nation's largest employer, will be moving out of the country. The bottler plans to move its operations to Switzerland, according to Reuters and other outlets, Representatives did say, however, that the company's Greek factories will remain open for the time being.
Here is some of the key information regarding the new Greek unemployment numbers and what the government plans on doing next.
* While the overall unemployment rate in Greece is now at 25.1 percent, the unemployment rate among young people is even worse. Among Greeks between the ages of 15 and 24, joblessness now stands at 54.2 percent, as reported by CNN and other media outlets.
* In 2008, the number of people who were registered as being unemployed in Greece stood at 364,000, according to CNN. On Thursday, that number was reported to have reached an all-time high of 1.26 million.
* That rise in unemployment equals out to a rate of 1,000 job losses per day.
* Analysts told the Associated Press and other media outlets on Thursday that they expected Greece's unemployment rate to continue to rise.
* Anti-austerity groups are saying that the new unemployment numbers show that the austerity measures put into place by Prime Minister Antonis Samaras haven't worked and are causing harm. GSEE, one of the country's largest labor unions, said on Thursday that the actual unemployment rate, when people who aren't on the government's registry are taken into account, is more like 30 percent, and that "violent" government cutbacks are the cause, as quoted by the Associated Press.
* Ekathimerini reported on Thursday that the Finance Ministry's budget data, which was published that day, showed that the budget deficit is actually lower than expected. Analysts had forecast a deficit of 13.51 billion euros. Thursday's report places Greece's budget deficit at 12.65 for the first three quarters of 2012.
* Austerity talks are continuing, with BBC News reporting that Finance Minister Yiannis Stournaras is due to meet with representatives from the the International Monetary Fund, European Central Bank, and European Union about the release of Greece's next installment of bailout funding.
Vanessa Evans is a musician, traveler, and freelance writer with an interest in European studies and events.
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