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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 - 10:28 | 2960221 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 | 2960268 nah
nah's picture

its amazing what accounting short cuts and unbacked credit can achive


new money

Thu, 11/08/2012 - 10:50 | 2960311 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 | 2960350 covert
covert's picture

greece is a great place to vacation.



Thu, 11/08/2012 - 10:56 | 2960333 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 | 2960360 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 | 2961989 The.Oracle
The.Oracle's picture

A nobel Peace prize winning performance by the monetary union. 

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