12 Oct 2012

Greek jobless numbers worsen

3:18 pm on 12 October 2012

The unemployment rate in Greece reached a record 25% in July, with 1.26 million people out of work. More than 1000 jobs were lost every day over the past year.

The worst-affected is the 15 to 24 age group.

The total unemployment rate was 24.8% in June. With austerity cuts continuing and Greece likely to enter another year of recession, the BBC reports the level may rise higher.

The Greek economy is surviving on international bailouts, but Athens has been forced to impose tough austerity measures in return for the money.

Finance Minister Yiannis Stournaras will hold talks on Thursday evening with representatives of the European Union, the International Monetary Fund and European Central Bank about signing off the release of more funds.

Finance Ministry figures issued on Thursday showed that the January-September deficit was €12.64 billion, lower than the target of €13.5 billion.