Greek Unemployment Surges From 13.9% In November To 14.8% In December

Tyler Durden's picture

Do you see what happens Larry when your labor participation rate (wink wink BLS) doesn't plunge to near all time record and the unemployment rate reflects, gulp, reality (pro forma for Goldman Sachs currency swaps)? "Greece's unemployment rate in December jumped to 14.8 per cent, with
more than 40,000 people losing their jobs in a month, The Hellenic
Statistical Authority (ELSTAT) said Wednesday.
ELSTAT, providing
the latest jobless data it has available, said that the December jobless
rate compared with 13.9 per cent in November.
In December a total of 41,068 people lost their jobs, pushing the number of unemployed to almost 734,000. As
unemployment keeps rising, survey results released earlier this week by
the Greek daily Kathimerini newspaper showed that job prospects in the
coming months appeared to be gloomy, particularly in the construction
and manufacturing sectors.
Greece agreed to a series of
cost-cutting measures in exchange for a 110-billion-euro (154 billion
dollar) rescue package by the EU and IMF in May to avoid bankruptsy." Not to worry, Greek CDS have just hit all time wides well north of 1,000 bps, confirm that all is fucked, which only means that the ECB is about to bail out the totally and utterly bankrupt country once again, as more European taxpayer money is thrown down the sovereign funding black hole. In other news Greece is not Libya (for now).

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squexx's picture

Central Bankers, doing it Greek style to Europe! Ouch!

Oh regional Indian's picture

Greece is a distraction.
Libya is THE tipping point on the Axis of Evil Doing.


nufio's picture

maybe its the other way around.

cossack55's picture

"Greece is not Libya (for now)." Correct.  Not until they start exporting olive oil in super tankers. Then watch out.

youngman's picture

Well well well.....this is called a business man..... think of all that labor out there just waiting for me to call them to work.....I don´t have any work..... but what a great position to be in....people unemcumbered with jobs

Josephine29's picture

I think that much of the pressure on the Euro zone peripheral nations has been caused by something which I have only seen reported outside Greece by the economist Shaun Richards.

The Greek newspaper Kathimerini reported this yesterday about Greek budget revenues.

Compared with the first two months of 2010, revenues declined this year by 9.2 percent…………the shortfall exceeding 870 million euros after the February goal was missed by 595 million.

This reinforced a point made in the downgrade issued by Moody’s (point two from my update from Monday the 7th of March) . It also reminds me of the furious sounding rebuttal of the downgrade issued by the Greek Finance Ministry.

Furthermore, Moody’s announcement refers to the delay in the rebounding of budget revenues, yet does not take into account the increase in revenues.

Whilst they are talking about 2010 they must have known their own figures for 2011…..


I wonder what his suggestions to Portugal's Finance Minister were?

Azannoth's picture

How about kicking all those African/Arab immigrants out I bet there are more than 40,000 of them

yes I know this won't solve the problem, but it's a start

karzai_luver's picture

I am sure that once returned to the country of their origin that they wouldn't hold a grudge and run about setting fire to certain facilities.


Should be a good show, that.


Better to leave them in place as the odds of a banker burning go up then.


BlueDonkey's picture

Gas on Santorini Today:  9.56 USD per gallon

The Count's picture

are you for real?

i would buy a donkey. 

MacedonianGlory's picture

In Greece people don't care as long as Socialism governs.

themosmitsos's picture

"Do you see what happens Larry?!?!?!??!"

Both :((((((( and loool!


Catullus's picture

Is this your homework? You're killing your father, Larry.

YHC-FTSE's picture

I am pretty sure somebody will do a more detailed article on this, but along with the impending to-be-or-not-to-be of QEIII at the end of June, we have some exciting developments on the Euro/GBP to look forward to this Summer. The British government is already planning ahead for a "Summer of Discontent" after public sector workers' unions declared their intention to demonstrate about the cuts. The French are gearing up for the same, and of course, we can look forward to the traditional Summer molotovs in Greece, Italy, and the Iberian coast. Not looking forward to it. (I hold no positions on the Euro)

Internet Tough Guy's picture

Someone tell Leo K the party is over.

max2205's picture

Wonder why they are not faking their numbers   or are they?  u-6 Greece 30%??

JonNadler's picture

it was the snow

Paul E. Math's picture

Nice big lebowski reference.

youngman's picture

Greece has faked thier numbers its pobably worse ....I have said before they will steal as much money as you will give them...then they will default...

ivana's picture

Heard that Greeks have the greatest military budget out of all EU countries for years (wonder who's selling weapons) + GS "helped" them with "accounting" + they are officially bankrupt + austerities which will lead (guess) to +20% unemployment ... should we expect greek-turkish rumble?

gwar5's picture

It's got to be higher than that, I'm sure. Do they have magic bean counters there, too?


chinaguy's picture

EUR firm @ 1.39...doesn't appear much concern

HedgeFundLIVE's picture

all the more reason to be bearish. came into today w/ biggest short position i've had in months!:

Hedgetard55's picture

They need to open more Greek diners.

Seasmoke's picture

Tossed Greek Salad

Hulk's picture

Greece needs to subcontract out its unemployment calculations to the BLS and get those unemployment percentages down...

M4570D0N's picture

Forgive my ignorance, but what happened with the Titlos PLC?

jmc8888's picture

Oh greece, you are so fucked.  Screwed on the way in and out, screwed in the bailout, etc.

Glass-Steagall, and you can screw the ones that rightfully deserve to be screwed, the banksters. 

Since Glass-Steagall is also a principle, it can be enacted in your own sovereign country, given the correct translations.

So exactly how fucked are we supposed to not think Europe is, when Greece needs a 2nd bailout; Portugal, SPAIN, and due to Libya pushing up the date-Italy - before even any of them got one?  (will they need a 2nd bailout in those countries too? yes). 

Wow and no Ireland, who because Sinn Fein didn't get enough power, the people will look to revolt again (when they realize that is another question).  A bailout referendum is their only saving grace, and it probably won't be even that. Because THAT would have to be full loss of fraudulent debt.  Negotiating behind the scenes means they aren't.

They just pulled an Obama, and voted for someone who promises change, and doesn't deliver. (because SHOCK, those they elected are still indoctrinated to BULLSHIT)

Sadly, of those thinking they are on the correct side, the majority, still believe some avenue of the bullshit.  (thus they're not part of the solution, but still actively part of the problem).  I wonder if that could happen here? (It already has)



DNB-sore's picture

Like mad max said, Greece and the islands will be a cheap way to harbour the boats from the wealthy.

I'm getting a bit nervous here in Holland, and I remember the Golden Age from the history books and also realise that in that age "Golden Age" was not the real truth but a delivery on future earnings that did't pay out and opportunty did not deliver. At that time it got a lot of boats involved...

DNB-sore's picture

meant the boats öf" the wealthy

Buck Johnson's picture

What being set up is sooner or later they are going to force Greece to sell some of their islands to countries.  The are a small population on 227 islands out of 1400.  They have alot of land to sell or barter and many country and people have their eyes on them.