Greek Unemployment

Greek Unemployment

Due to the Great Recession of 2008 and the sovereign – debt crisis of Greece, the unemployment of the country has skyrocketed in the past several years. Before the crisis, the unemployment rate amounted to the area of 10%, but recent data from July 2013 showed that the unemployment had reached 27.6%. In fact, unemployment among young people under 25 years of age in June 2013 exceeded 65%, but the following month, it fell to 55%, probably because of seasonal jobs in the tourism industry. The austerity measures and the layoffs that are part of the government reformation of the civil service sector have only worsened the situation. According to recent reports the International Monetary Fund (IMF) said that the country would have to adopt even more austerity measures so the fiscal target can be met; this is probably going to worsen an already grave situation of unemployment. The General Confederation of Greek Workers (GSEE) has said that the years to follow will steadily get worse, predicting that the unemployment rate may reach and eventually exceed 30 percent.