January 10, 2013

Greece unemployment hits highest rate in European Union


The latest unemployment rate for Greece has risen to 26.8%, the highest figure recorded in the European Union (EU).
The official Greek data for October sees Greece overtake Spain as the country with the highest unemployment rate in Europe.
The Greek economy remains mired in recession and the government is in the process of imposing significant austerity measures.
Athens is cutting spending to meet the terms of its financial bailouts.
So far, the European Central Bank, International Monetary Fund, and the European Commission have pledged a total of 240bn euros ($315bn; £196bn) in rescue loans, of which Greece has received more than two thirds.