• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Greek Unemployment Rate Hits Record 25.4%

Tyler Durden's picture


Greek August unemployment: 25.4%, up from 24.8% in July and up from 18.4% a year earlier. Needless to say, this is a record, and at this rate will be just shy of 30% by the end of the year (sorry IMF). This is, however, good news though: the Greek unemployment is, believe it or not, the second worst in Europe, behind Spain's 25.5%. Yet a category where Greece is the indisputed champion is youth unemployment, which just hit a mindboggling 58%, up from 54.2% in July (more on that shortly).

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Thu, 11/08/2012 - 09:14 | 2959952 Doubleguns
Doubleguns's picture

Sure thats not a reflection in the USA mirror.

Thu, 11/08/2012 - 09:19 | 2959956 GetZeeGold
GetZeeGold's picture



No way we let those guys beat us.

Thu, 11/08/2012 - 11:41 | 2960536 krispkritter
krispkritter's picture

Too bad rioting doesn't pay, they'd have full employment.  I'd like to say we're part of the same snowball rolling downhill, gaining mass and momentum, but the reality is that the ball is brown and smelly and this ain't a mountain, it's a pile of BS...

Thu, 11/08/2012 - 09:40 | 2960021 Monedas
Monedas's picture

With the BO re-elect in the bag .... the Greeks got the green light to release their real unemployment numbers !

Thu, 11/08/2012 - 09:52 | 2960067 Freewheelin Franklin
Freewheelin Franklin's picture

A glimpse of things to come, for sure.

Thu, 11/08/2012 - 10:23 | 2960190 aerojet
aerojet's picture

GMA showed a quick clip of rioting Greeks this morning--I told my wife:  That will happen in the US eventually.

Thu, 11/08/2012 - 09:16 | 2959960 Gandalf6900
Gandalf6900's picture

ok you work, you no, you work, you no...wait I said you NO!!!!!

Thu, 11/08/2012 - 09:17 | 2959961 Gandalf6900
Gandalf6900's picture

Its NOT funny

Thu, 11/08/2012 - 09:20 | 2959968 GetZeeGold
GetZeeGold's picture



Reality can sometimes be a bitch.

Thu, 11/08/2012 - 09:20 | 2959971 Dan The Man
Dan The Man's picture

its a little funny

Thu, 11/08/2012 - 09:26 | 2959987 JPM Hater001
JPM Hater001's picture

It's funny the same way bloody noses are...only when they arent yours.

Stick around I see a similar headline in the near future.

Thu, 11/08/2012 - 09:51 | 2960059 CPL
CPL's picture

You kidding, TPTB will unwind all trades and give everyone an Xmas miracle until they notice retail sales are pointless.  Then the Fed will print money hand over fist to meet solely the interest only (and of course increasing the national debt by 1.5 trillion..1.7).  The power of large numbers is a bitch when any type of interest is eating you ass up.


Eventually someone is going to have to declare a debt jubilee, or let it collapse.

Thu, 11/08/2012 - 12:27 | 2960760 JPM Hater001
JPM Hater001's picture

"Eventually someone is going to have to declare a debt jubilee, or let it collapse."

You forgot the Overlords favorite- WAR

Thu, 11/08/2012 - 12:51 | 2960882 ElvisDog
ElvisDog's picture

If you understand the concept that all debt (theoretically) is backed by real, physical collateral, then the timing of the debt jubilee becomes apparent. When the banksters and the rest of oligarchy take control of every bit of physical collateral on the planet that is currently owned by the middle class that is when the debt jubilee will take place. The oligarchs have a lot of the physical collateral right now, but not quite all. In the U.S., the mechanisms-du-jour to stripmine the assets of the middle class are health care/insurance costs and college tuition.

Of course, even when they have all the physical collateral, the debt jubilee may not take place because it can be convenient to keep the serfs in debt to control their actions. Look to Greece for an example.

Thu, 11/08/2012 - 09:20 | 2959969 swissaustrian
swissaustrian's picture

No seasonal adjustments? Nobody dropping out of the labor force?

Thu, 11/08/2012 - 09:21 | 2959973 LongSoupLine
LongSoupLine's picture

as bad as us here in the US.  too bad they don't have a printing press, otherwise they would be in "recovery" like us.

Thu, 11/08/2012 - 09:21 | 2959974 Dan The Man
Dan The Man's picture

Any bets on who will be the first to claim that this will be the LAST bailout needed for greece?

$5 on Merkel

Thu, 11/08/2012 - 09:21 | 2959976 dwdollar
dwdollar's picture

Nothing more austerity can't cure, right???

Thu, 11/08/2012 - 09:22 | 2959978 HD
HD's picture

I hear the molotov cocktail industry is booming and gas mask sales dwarf those of iPads.

Green shoots everywhere - Greek economy on the rise.

Thu, 11/08/2012 - 09:52 | 2960065 DeadFred
DeadFred's picture

Are you saying that having half the young men satnding around wondering where their next meal will come from isn't a stabilizing factor? Look to any major US inner city area to see how that works out.

Thu, 11/08/2012 - 10:24 | 2960194 aerojet
aerojet's picture

Free Shit Army?

Thu, 11/08/2012 - 09:22 | 2959979 Mercury
Mercury's picture

But inequality is way down!

Thu, 11/08/2012 - 09:26 | 2959986 GetZeeGold
GetZeeGold's picture



Here....bave a Bam Bam phone. Feel better?

Thu, 11/08/2012 - 09:23 | 2959982 Sheeple Shepard
Sheeple Shepard's picture

That red line is parabolic. Ouch.
Greece is going to be a failed state by Christmas.

Thu, 11/08/2012 - 09:24 | 2959983 williambanzai7
williambanzai7's picture

I suspect the number is double if you count the people showing up for work but not getting paid.

Thu, 11/08/2012 - 09:30 | 2959994 eigenvalue
eigenvalue's picture

But there is an underground economy in Greece. The unemployed may have jobs in the black market. So no one is sure about the real situation in Greece. 

Thu, 11/08/2012 - 09:54 | 2960057 Ghordius
Ghordius's picture

yes, but the best estimate I've ever seen was 30-35% underground (in the 80's). and those jobs tend to be seasonal with older workers - tourism, agriculture and that statistically so badly captured shipping industry (as also underground work in other countries). then of course things like plumbers, part of the construction business, part of the health industry, etc. etc.

the scary part is still the youth unenployment, one of those things that don't hurt too much now (families hold together as a matter of course in the european south) but are an immense loss for the future in lost skill accumulation and so on

having said that you are 100% correct: no one is sure about the real situation, which is one of the biggest problems, as the tax collecting situation attests

WB7, I'd be seriously flabbergasted if someone would ever show up for work in southern europe when not paid

Thu, 11/08/2012 - 09:33 | 2959999 Mercury
Mercury's picture

116%  of Greek youth?

Probably not. But nonetheless, at least 58% of Greek youth  -a strong majority- now enjoy perfect income equality.  Shouldn't OWS be holding a triumphant press conference or something?

Thu, 11/08/2012 - 09:30 | 2959995 youngman
youngman's picture

They partied for ten years before this on free and easy money...now they have to pay for it...what is wrong with that...they think they are employee gods.....they are not

Thu, 11/08/2012 - 09:31 | 2959996 overmedicatedun...
overmedicatedundersexed's picture

look Greece the first of western culture and modern governments is leading the way to the downfall of us all..think that super storm which took a 90 degree turn right into the heart of liberal america was not a sign??

that bell tolls for thee.


Thu, 11/08/2012 - 09:31 | 2959998 XXL66
XXL66's picture

Ridiculious. Those lazy greek just don't want to work. There are plenty of jobs, at least 9 job offerings in Greece:




Thu, 11/08/2012 - 11:35 | 2960506 CommunityStandard
CommunityStandard's picture

*headdesk* I hope I'm just missing the /sarc tag.  Aside from using about.com as a source, the links within describe the types of jobs that foreigners can apply for, such as an English teacher or summer student / volunteer jobs.

Thu, 11/08/2012 - 09:32 | 2960003 20-20 Hindsight
20-20 Hindsight's picture

Not a problem... Greece's sorry excuse for a government just approved another round of austerity measures -- yet another drop of blood to be squeezed from the stone, meaning more bailout fake money for the oligarchs.  This ought to stimulate the "markets", once again.

Thu, 11/08/2012 - 09:32 | 2960004 Mad Mohel
Mad Mohel's picture


Thu, 11/08/2012 - 09:36 | 2960013 overmedicatedun...
overmedicatedundersexed's picture

too many here blaming the victims of the banks who never have to take a loss..austerity for some bitchez but not the 1%

Thu, 11/08/2012 - 09:36 | 2960011 orangegeek
orangegeek's picture

Who wants a nice souvlaki?

Thu, 11/08/2012 - 09:41 | 2960023 MFLTucson
MFLTucson's picture

Greek Unemployment Rate Hits Record 25.4%


Can only imagine what the real unemployment is in the US if there was some truth in Goverment reporting.  Proabaly about the same if not worse but, aside from this, Greeks are not buried in debt like the US consumers.

Thu, 11/08/2012 - 11:16 | 2960418 madcows
madcows's picture

36.2%.  the labor participation rate is 63.8.  That means 36.2 are "Unemployed".  I'll leave you to determine what percentage is getting a governmnet handout for their efforts.

Thu, 11/08/2012 - 09:44 | 2960032 timbo_em
timbo_em's picture

An economy based on endless growth (of its unemployment rate) is u...

Thu, 11/08/2012 - 09:46 | 2960038 Newsboy
Newsboy's picture

Why are there no pop-up ads on ZH for Greek Brides? There is 58% unemployment in the most eligible population cohort.

Is capitalizm missing an opportunity?

Thu, 11/08/2012 - 10:12 | 2960147 Monedas
Monedas's picture

Lower leg hair is a turn off .... especially if they shave their pussies !

Thu, 11/08/2012 - 10:15 | 2960159 Mercury
Mercury's picture

Their culture is stronger than their economy is weak.

Greeks rarely marry non-Greeks.

Thu, 11/08/2012 - 10:19 | 2960175 Monedas
Monedas's picture

Let them eat culture !

Thu, 11/08/2012 - 09:49 | 2960051 Monedas
Monedas's picture

Have they tried fractional reserve government union employment feather bedding ?  Works good for USPS !

Thu, 11/08/2012 - 09:54 | 2960072 batterycharged
batterycharged's picture

Welcome to Corporate America...and Europe!

We've sold out our youth for cheap labor in China!

And borrowed trillions on their behalf so we could sell things people couldn't afford!

Lucky for us we will be dead before we are accountable. And Gen X will be the ones holding the bag when they retire, to face an angry onslaught of callous, heartless millienials.

Thu, 11/08/2012 - 11:13 | 2960401 madcows
madcows's picture

I'm a Gen-X-er, and I'm pissed.  My Parents generation stole my credit card and racked up a shitload of debt that I can't ever pay.

Kinda of ironic, seeing as how the CC industry tried to trap the youth into a lifetime of debt.  But, it's those damned baby boomers that didn't know you have to eventually pay it back.... it ain't money, it's free, just swipe the card and pay the minimum, easy peasy, got me a new beamer on credit, got me a nice 30 year retirement on credit, got me nice healthcare system on credit, gimme gimme gimme.  Thanks gramps.  No problem.  I got this one.  only $48,700 in debt per person... lets see, wife 4 kids, that's only $299,200 for my family.  Bernanke did our debt to income math, he says I can easily handle another 1.1 trillion.

Thu, 11/08/2012 - 09:58 | 2960085 Freewheelin Franklin
Freewheelin Franklin's picture

So, when do they start offering virgins to the Santorini volcano?

Thu, 11/08/2012 - 10:25 | 2960202 GetZeeGold
GetZeeGold's picture



It's up for a vote next week.....we're all pretty hopeful for a good outcome.

Thu, 11/08/2012 - 10:05 | 2960110 Monedas
Monedas's picture

A complicated, multi-tiered tax and regulatory system creates a lot of "collateral damage" meaningless, destructive employment .... and has the added advantage of discouraging greedy producers .... and makes them less competitive ?

Thu, 11/08/2012 - 10:15 | 2960158 larz
larz's picture

Obviously Greece needs some advice from BLS on how to calculate numbers

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