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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 | Link to Comment Doubleguns
Doubleguns's picture

Sure thats not a reflection in the USA mirror.

Thu, 11/08/2012 - 09:19 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

No way we let those guys beat us.

Thu, 11/08/2012 - 11:41 | Link to Comment 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 | Link to Comment 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 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

A glimpse of things to come, for sure.

Thu, 11/08/2012 - 10:23 | Link to Comment 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 | Link to Comment Gandalf6900
Gandalf6900's picture

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

Thu, 11/08/2012 - 09:17 | Link to Comment Gandalf6900
Gandalf6900's picture

Its NOT funny

Thu, 11/08/2012 - 09:20 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Reality can sometimes be a bitch.

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

its a little funny

Thu, 11/08/2012 - 09:26 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 - 09:19 | Link to Comment Capitalist
Capitalist's picture

We lazy? No, we resting

- Mr Panos

Thu, 11/08/2012 - 09:20 | Link to Comment swissaustrian
swissaustrian's picture

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

Thu, 11/08/2012 - 09:21 | Link to Comment 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 | Link to Comment 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 | Link to Comment dwdollar
dwdollar's picture

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

Thu, 11/08/2012 - 09:22 | Link to Comment 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 | Link to Comment 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 | Link to Comment aerojet
aerojet's picture

Free Shit Army?

Thu, 11/08/2012 - 09:22 | Link to Comment Mercury
Mercury's picture

But inequality is way down!

Thu, 11/08/2012 - 09:26 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

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

Thu, 11/08/2012 - 09:23 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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:

http://gogreece.about.com/od/jobsingreece/Jobs_in_Greece.htm

 

 

Thu, 11/08/2012 - 11:35 | Link to Comment 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 | Link to Comment 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 | Link to Comment Mad Mohel
Mad Mohel's picture

OPA!

Thu, 11/08/2012 - 09:36 | Link to Comment 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 | Link to Comment orangegeek
orangegeek's picture

Who wants a nice souvlaki?

Thu, 11/08/2012 - 09:41 | Link to Comment 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 | Link to Comment 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 | Link to Comment timbo_em
timbo_em's picture

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

Thu, 11/08/2012 - 09:46 | Link to Comment 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 | Link to Comment Monedas
Monedas's picture

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

Thu, 11/08/2012 - 10:15 | Link to Comment Mercury
Mercury's picture

Their culture is stronger than their economy is weak.

Greeks rarely marry non-Greeks.

Thu, 11/08/2012 - 10:19 | Link to Comment Monedas
Monedas's picture

Let them eat culture !

Thu, 11/08/2012 - 09:49 | Link to Comment Monedas
Monedas's picture

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

Thu, 11/08/2012 - 09:54 | Link to Comment 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 | Link to Comment 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 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

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

Thu, 11/08/2012 - 10:25 | Link to Comment 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 | Link to Comment 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 | Link to Comment larz
larz's picture

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

Thu, 11/08/2012 - 10:28 | Link to Comment Acet
Acet's picture

Soon, my friend, we will reach Helenic Nirvana when the entirety of the Greek population is living off forever rolled-forward, ever-increasing loans from the Germans.

Why fight it?

Thu, 11/08/2012 - 10:40 | Link to Comment nah
nah's picture

its amazing what accounting short cuts and unbacked credit can achive

.

new money

Thu, 11/08/2012 - 10:50 | Link to Comment Peter Pan
Peter Pan's picture

One thing is for sure. If economic conditions in the USA were as bad and there were no food stamps and no Bernanke printing machine, there would be a continuous cycle of riots from coast to coast.

To her people's credit, Greek families are still somehow keeping it together.

But for how long?

Thu, 11/08/2012 - 11:01 | Link to Comment covert
covert's picture

greece is a great place to vacation.

http://covert.ias3.com/expose/

 

Thu, 11/08/2012 - 10:56 | Link to Comment Weyland_Yutani
Weyland_Yutani's picture

I couldn't care less about Greece. Just a bunch of ruins and olive trees.

Thu, 11/08/2012 - 11:04 | Link to Comment madcows
madcows's picture

25.4%, that's it?  Our labor participation rate is 63.8%, which means our TRUE unemployment rate is 36.2%.  Fuckin' Greeks oughta be thankful it's that low.  Whinin', rioting b!tches.

Thu, 11/08/2012 - 16:58 | Link to Comment The.Oracle
The.Oracle's picture

A nobel Peace prize winning performance by the monetary union. 

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