Dismal future: Greek unemployment is the highest in Europe, again

Greek Unemployment
July 2015 GREECE Greece unemployment was the highest in Europe for the month of June with 25.6% of its potential workforce unemployed, showed the latest figures released by Eurostat. The total number of unemployed people in Europe reached 23.3 million, with 17.8 million of them belonging to Eurozone countries. More than 4.7 million are young under 25 years old, with 3.2 million of them residing in Eurozone member-states. Germany enjoys the highest employment rate with an unemployment of just 4.7%. The Czech Republic ranks second with 4.9% unemployment and Malta third with 5.5%.
Greece is first from the bottom with 25.6% unemployment, followed by Spain with 22.5% and Cyprus with 16.2%. The average Eurozone unemployment rate remained the same as in the previous study, at 11.1%. Compared to June 2014, Eurostat found that unemployment dropped in 21 countries, increased in five and remained the same in France and Cyprus. –Greek Reporter
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This entry was posted in Austerity, Bank Run, Banking Crisis, Bankruptcy, Boom and Bust Cycles, Civil Unrest, Currency - Economic warfare, Economic Collapse, Economic Hardship or Loss, Financial Market plunge, Geopolitical Crisis, Hierarchal Control, Hoarding Resources, Infrastructure collapse, New World Order, Protests, Struggle for Survival, The Pyramid Model, Troubled Banks, Unemployment rising, Unsustainable Debt Burden. Bookmark the permalink.

2 Responses to Dismal future: Greek unemployment is the highest in Europe, again

  1. Joseph sonny Skies says:

    So how does Greece pay back the bankers? It won’t because it’s the taxing of the poor workers that enable countries to prop up programs to help the poor unemployed. Countries like Germany know that they cannot take on so much debt of other members because it would create less cash flow in their country meaning their unemployment will rise and the infection that is plaguing Greece will infect them as well. The monetary sink hole is not going to end because there is no support rock to stop it. It is a financial sink hole of sand that they are trying to fill with more sand. It does not work.
    If the world would build it’s supports upon the true rock. Jesus; The Messiah, then many problems would have been mitigated because people in general [ including bankers and politicians ] would have a different mindset and much more wisdom. The world population in general today is throwing away the answer to their problems and clinging to feel good political false hope.

  2. niebo says:

    When I read this, I went hunting for “longer term” information about Greek employment figures and stumbled across this: If one cross-refers “official” non-governmental GDP information of Greece for the year 2004, which states growth of 4.6 percent for the year,

    https://www.gfmag.com/global-data/country-data/greece-gdp-country-report

    with this article, which states that, for the sake of the 2004 Olympics, Greece borrowed billions for building projects and to improve infrastructure, ” . . . The cost of hosting the Games equaled roughly 5% of the annual GDP of the country.”

    http://www.businessinsider.com/what-bankrupted-greece-it-was-the-olympics-2010-2#ixzz3hfQ7Ifh45

    one might conclude that, due to expenses related to the Games, for the year 2004, the economy of Greece was, in theory, negative. Of course, those expenditures were not one-time “cash” sales (nor we they all made in one day or even one year, because building coliseums takes time . . . just ask Rome), because they were financed by loans at the cost of interest (which suggests that, depending upon the rates and repayment schedule, GDP growth for the year may be ACTUALLY negative) which probably sounded like a great idea at the time, because it was an (now ended) era of growth.

    This article from the Guardian in 2010 argues that what truly crushed Greece was this very thing: interest (though not specifically that of the loans for the Olympics). “The higher its borrowing costs, the harder it is for the Greek economy to grow itself out of trouble.”

    http://www.theguardian.com/world/2010/may/06/greek-debt-crisis-economy

    Now, (insert literal metaphor here) the arenas and sports venues that were constructed for the Olympics are, today, unused, decayed, and rusting, the new Greek ruins:

    http://usatoday30.usatoday.com/video/athens-olympic-venues-become-new-greek-ruins/1686758987001

    Billions of dollars spent ON stagnation, and governments the world over have made similar decisions, and whether the problems are due to lack of insight or lack of foresight (or both), the solutions will, I think, proffer an abundance of hindsight.

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