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Greek unemployment rate reaches record high in May Greek unemployment rate reaches record high in May
(about 7 hours later)
Greece's unemployment rate hit another record high in May of 27.6%, according to the country's statistics body.Greece's unemployment rate hit another record high in May of 27.6%, according to the country's statistics body.
The figure, from the Hellenic Statistics Authority, compares with a jobless rate of 23.8% in May last year.The figure, from the Hellenic Statistics Authority, compares with a jobless rate of 23.8% in May last year.
The biggest age group without a job remains those aged between 15-24, where the rate is 64.9%.The biggest age group without a job remains those aged between 15-24, where the rate is 64.9%.
The news emerged as the Greek prime minister, Antonis Samaras prepares to meet US President Barack Obama in Washington. The news emerged ahead of a meeting between Greek Prime Minister Antonis Samaras and US President Barack Obama in Washington.
Among the topics on the list for discussion are Greece's efforts to reform its economy. At the meeting, Mr Obama commended the Greek government for taking steps to reduce its debt pile.
But he urged Mr Samaras to balance austerity with measures to promote growth and boost jobs.
Greece is in its sixth year of recession, and has seen a 25% drop in output since 2007.Greece is in its sixth year of recession, and has seen a 25% drop in output since 2007.
Public angerPublic anger
Greece, the worst affected of eurozone economies and the first to receive an international bailout in May 2010, was given another 6.8bn euros last month from the European Union, the International Monetary Fund (IMF) and the European Central Bank. It has been the worst affected of eurozone economies and was the first to receive an international bailout in May 2010.
The country was given another 6.8bn euros last month from the European Union, the International Monetary Fund (IMF) and the European Central Bank.
The money has strict conditions attached which demand that government debt levels are reduced.The money has strict conditions attached which demand that government debt levels are reduced.
That has meant deep job cuts, tax increases, and reductions in wages and pensions.That has meant deep job cuts, tax increases, and reductions in wages and pensions.
However, more austerity measures are being demanded.However, more austerity measures are being demanded.
At the time the latest loan money was secured, the IMF said that Greece must deliver "rapidly on structural reforms to unlock growth and create jobs".At the time the latest loan money was secured, the IMF said that Greece must deliver "rapidly on structural reforms to unlock growth and create jobs".
The government's actions so far have prompted widespread public anger and protests, which have sometimes turned to violence.The government's actions so far have prompted widespread public anger and protests, which have sometimes turned to violence.
Last week, figures from the official eurozone statistics agency reported that Greece's unemployment rate was 26.9% in June, compared with a eurozone-wide figure of 12.1%.Last week, figures from the official eurozone statistics agency reported that Greece's unemployment rate was 26.9% in June, compared with a eurozone-wide figure of 12.1%.