Charts Of The Day: Greek Unemployment Hits Escape Velocity

Tyler Durden's picture

It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%.

So without further ado, here are the charts that summarize this.

Total workers employed:

Total workers unemployed:

And the unemployment rate:

And yes, by returning to the Drachma, Greece would at least have some chance of curing the unfixable internal and external imbalances, which unless resolved, will send this rate into the stratosphere, and a far bigger chart will soon be needed.

Source: ElStat

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Terminus C's picture

yea, I hoped most would pick up on my sarc... /s defeats the purpose of the comment.

Obviously everyone can't export more than they import.  Well maybe not obvious... there was a Alberta Minister of Education who said every Alberta student should be above average...


prains's picture

the "lake of fire" comment by a wild hose member was also a good WTF!

Bag Of Meat's picture

Its a zero sum game, welcome to earth

Fuh Querada's picture

Jim "Glibness award 2012" Rickards and acclaimed author of "Currency Wars" says that there is no absolutely problem: Kraut company plants will be established in Greece financed by Chinese capital and will employ all those 18-25 year olds.

merizobeach's picture

I generally like Rickards, though he seems a bit more optimistic than I am; perhaps he's just confident in the illuminati to carry out world government and unified currency; or perhaps his concerns stop with his Catholicism.  Nobody's perfect.  Twitter is generally pretty glib, but I can see where coming from.  He certainly wasn't being glib here, however, in his presentation "Economics and National Security":

UGrev's picture

Buuuut.. isn't Greece the island of "Work less, earn more?" 

GMadScientist's picture

The Drachma would allow them to deflate and get a reasonable amount of non-Drachmas for their potatoes, slick.


LawsofPhysics's picture

Only so long as those "non-drachmas" are backed by something fucking real.  Greece, and the entire planet, is flooded with far too many bullshit paper promises already.

Bag Of Meat's picture

THANK you. Dollar makes wars for oil, and so it gets backed at least for a while. Drachma will get backed with the shit wiped out of greek asses.

LawsofPhysics's picture

wow, what an intelligent, well-reasoned and articulate response.  < sarc off >

Bag Of Meat's picture

Well, sorry I don't speak excellent english thats true. But i thought we were talking economics in here. And the point is to spread the truth across all nations, and not only english speaking. And it wasn't even a "response", more like an addition to your arguement. But how did your higher intelligence miss that? <sarc unnecessairy> 

LawsofPhysics's picture

Ahh yes, the good old export meme.  FAIL.  Nothing short of a complete forgiveness of all debt and execution of all those who have profitted from the fraud will save greece and the earth.

Greece, and the world, has gone far too long without seeing real consequences for bad behavior.   If increasing exports would solve a country or the world's problems, answer one simeple question; exactly who would the earth be exporting to again and what would they be offering the world in exchange?

Stupid fucking sheep.

Bag Of Meat's picture

So your argument is that drachma would solve the earth's problem? lol
I agree with your thoughts about punishment. But then again, the incentives of everyone possibly involved in this punishment push them at a nash equilibrium of lack of punishment for the players responsible for this mess. The equilibrium under the current conditions is always in favor of the elites.

economics9698's picture

Export Greek pussy to the Germans for fucks sake.

youngman's picture

I think this is how many families will survive.....there will be a huge increase in prostitution....

Cortez's picture

Jobless men can't afford prostitutes. 

forexskin's picture

on yo back, i got some very special paper for you, you delicious little grape dumpling, you!

haaaaa, harraaaa, haaaaaaaaHAAAAAA HOOOOO!

when will we ever learn!

merizobeach's picture

Only on a lease; be sure it gets returned.

LawsofPhysics's picture

The point is simple, all societies and monetary systems will fail unless the unit of monetary exchange implicity make it difficult for people to game the system.  No shit, that there will always be bad or evil individuals, but, those systems and societies that insure there are always real consequences for bad behavior will always do better.  It's a lot harder to "fake" an ounce of gold, or even a good potato for that matter, and you know dipshit?  To a person who has nothing and no good prospects, the fucking potato is more desireable.  Never back a wild animal into a corner, always leave them an exit route (preferably out of your house or garage) otherwise don't come crying to me to pay for your healthcare when you get your face ripped off.  Clear the bad fucking debt and prosecute the fucking fraud.

Bag Of Meat's picture

Are you here just to call names on people, and keep rephrasing your arguement without reading the replies? You remind me of my 7 year old cousin.
It's alot harder to impose  any consequence on more powerful people, can't you understand this? No government has an incentive strong enough to impose consequences to those that help them remain on power. Its a give and take. Please , if you reply again, try to understand what i'm typing before you clog your ears and go "lalalalala i cant hear you you dipshit "

LawsofPhysics's picture

Then provide a real solution and stop talking in circles, you sound like one of my cousins, an out of work MBA.  Offered him a job on the farm, said it was too much real work for him.

Bag Of Meat's picture

I provide real and solid arguements that contribute towards a real solution. In the other hand you provide "solutions" that get rejected within seconds. Good luck flaming the rest of the forum

yrbmegr's picture

Greece depends heavily on tourism.  Going back to the drachma would make visiting Greece more attractive.

Bag Of Meat's picture

Tell me how greeks would buy energy with a drachma backed by nothing. Cmon, hit me. Thats right they wont.

LawsofPhysics's picture

Shit, they can't afford to buy energy now (aside from cutting down their own trees and burning them), what's your point?  Clear the bad debt and prosecute the fraud. Nothing will change until these underlying structural issues are addressed.

Bag Of Meat's picture

Name one country in the whole world and throughout the human history, that has achieved in a long term what you imply to be an easy and evident solution.

LawsofPhysics's picture

Again, just like my cousin, the out-of-work MBA, you completely miss the point.  Go take a class in therodynamics, humanity is an unsustainable ponzi.  There are no easy solutions. Now quit whinning and go affect some real change by actually doing something productive.

Bag Of Meat's picture

The most productive thing you've been doing for some hours now is editing your text so that it seems relevant. You are irrelevant and delusioned . I hope the best for you, barking doggy

blabam's picture

Democracy! Because it works! 

GetZeeGold's picture



I'll just keep the good old fashioned Republic......thanks anyway.

FrankDrakman's picture

 to swift its economy to producing more goods that can be exported.

Gets my personal vote as the most ludicrous gibberish of the year.

Quinvarius's picture

Look at all that potential!  Why isn't Goldman all over this bullish development with helpful advice on how to maximize profit by getting long some Greek thing or another?

LongSoupLine's picture



What does any of this have to do with Hedge Funds changing the holiday party catering order for the better booze and caviar?

HD's picture

Where is Ben Bernankeopolous to save the day?

Lucius Cornelius Sulla's picture

That chart is darn right depressing.  

q99x2's picture

Ok so when everything gets like that in the US as the banksters take down country after country does gold and silver retain their value. You know like for bribes or would a gun be better?

sunny's picture

Silver and gold are too valuable to waste on banksters.  Your suggested alternative would be more appropriate.

Next question.


GMadScientist's picture

I'd start with a brain, otherwise the other stuff won't help you a bit.


Eugend66's picture

Why would someone rate this article "poor"?

Element's picture

maybe golum reads zh?

Terminus C's picture

Some like to shoot the messenger.

"You can't handle the truth!"

No truer statement has ever been made in Hollywood propaganda.

Bag Of Meat's picture

I did, because of the drachma thing.

Dre4dwolf's picture

They joined the Euro in what 2001~2002?

The bubble that was inflating to 2008ish2009ish artificially created jobs (probably in banking and service industries in greece) then when the bubble popped the true economic conditions of non-productivity and consumption were exposed and everything went into free-fall.


In America when the Bond+Financial institution bubble pops , I would expect a similar chart for America, we might hit a peak employement for the recession before it just starts to free-fall.

The problem with a service based economy (like america's) is that it only functions when there exists wealth to re-distribute/shuffle around, because most of the services are jobs that move stuff around/re-organize.


Its like we printed a shitload of money and everyone bought a bunch of crap, and it just made a mess, so we hire a shit-load of people to organize everything/move it around to where it needs to be, but when all is said and done, those people are no longer needed, factor in that Obama is making it so that its getting more expensive to keep human capital around.... people are gona get fired.


Bag Of Meat's picture

I agree 100% . But tell me, how is the drachma magically going to solve the services based economy? Especially in an economy thats depends heavily on external energy sources.

merizobeach's picture

It certainly wouldn't happen because of magic.  But how does any country that issues a new currency make it last?  Most countries don't have much gold or energy, but they mostly all have currencies.

If it could be presumed that a re-adoption of the drachma was part of a legitimate and sincere effort to re-establish a thriving economy, then the government would need to undergo massive reforms to cut or eliminate entitlements, public employment, and other spending; at the same time, the newly issued drachma would need to be severely devalued to the Euro so that the purchasing power of the Euro would be much greater in Greece, coaxing an inflow of money.  When opening businesses, hiring workers, and producing goods in Greece becomes cheap and efficient relative to international standards, then investments will return, and the country would be on its way to recovery.  As I said, though, this is predicated as much upon governmental fiscal responsibility as well as noncorruption, both of which are human obstacles that tend to sink pretty much any political theory when put to practice.

Addressing the problems of a service-based economy can best be done with economic theories and political negotiations; addressing the problems of an entitlement-based society is another, more complicated, and uglier matter.

Bag Of Meat's picture

You're absolutely right, except that "most countries" thing, I don't think anyone can say Greece is just "another country" for the investing world right now...

Temporalist's picture

Are you suggesting that the US doesn't need more "Life Coaches" that make $175k a year?  What kind of world would this be without people telling me I'm good enough, smart enough, and darn it people like me?

timbo_em's picture

LOL...meanwhile Greek PM Samaras said to German daily newspaper Bild that after the debt buyback (which according to him will be successful) Greece's debt levels will be sustainable.