11 Jan 2013

Jobless rate in Greece now highest in EU

6:07 am on 11 January 2013

Greece now has the highest unemployment rate in the European Union.

New figures show that 26.8% of the working age population are without jobs, surpassing the rate in Spain, which was 26.6% for the month of November.

The BBC reports both countries are in recession, with their governments making substantial spending cuts

to reduce debt.

So far, the European Central Bank, International Monetary Fund, and the European Commission have pledged a total of 240 billion euros (£196 billion) in rescue loans to Greece, of which more than two thirds have been received.

The Greek government required the bailouts because it was struggling to meet the interest payments on its existing debts.