Greek Youth Unemployment Soars To Record 65%

GreekYouthUnemploymentSoarsToRecord 65%


What little hope there may have been that bad and/or deteriorating Greek economic data had peaked in the early part of 2013 and the country was set for a long overdue "recovery" was promptly extinguished following today’s latest release of the Greek May labor forcesurvey.

The headline news for the broader population was ugly:

The number of employed was 3,621,153, a decline of 14,889 from April, and down 171,356 from a year earlier The number of unemployed was a recordhigh 1,381,088, an increase of 43,467 from April, and up 193,668 from a year earlier The unemployment rate was a recordhigh 27.6%, up from 26.9% in April and 23.8% a year earlier

But that was the "good" news.

The bad news? Greek youth (15-24 year old) unemployment halted its decline over the past few months only to explode higher from 57.5% in April to a whopping 64.9% inMay! Needless to say this is a record high, and means that two thirds of all eligible for work youths can not find a job. That this is the most combustible combination for social upheaval if not war, is well known to anyone who has opened even one history book.

Source: Elstat

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