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

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Fezter's picture

As long as I get my mousaka and belly dancers.

GMadScientist's picture

Note: does not include black market employment.


Element's picture

Nothing to see here, move along.

Problem is this feeds into the false solution of Krugmanism, rather than facing the fact that the real solution is to default on the fiat debt-money and rebuild from the ashes, and try to manage things so they don't get too nasty in the interim.

Which doesn't really work if you disenfranchise, enrage and generally radicalise and make everyone desperate and resorting to violence ... before you default any way.

youngman's picture

you are right...soon there will be generation of "criminals"...people who work and live off the marketers..who will never pay taxes again....they are losing their "base"....if they fail now...take the pain...they might save the country....if they keep kicking the can...more and more people will go off grid.....and stay there

wisefool's picture

This is so important for people to realize. The governments are subserviant to the banks. Right now, in the USA, your .gov workers are actually working very, very hard.

Why? Obama told them to implement COG (continuity of government) proceedures. And COG proceedures have nothing to do with maintaing the level of services .gov provides. It has to do with preserving .gov supply chains. (i.e. tax revenues). This is why they bought all that ammo. They will also be releasing all kinds of new reports showing how important they are in your lives. Like most statistics, they will all be fake.

They already used up the Bin Laden thing. Most people dont give a crap about syria. Obama phones were more devicive than supportive. We might actually, finally get a perp walk for a bankster (circus victim), and a some type of direct payment from the government  based on some trumped up artifact of the fiscal cliff negotiation. (bread for the masses)

merizobeach's picture

"and stay there"  Bingo.

And why would I want to go back?  Freedom from Big Brother suits me just fine.

EscapeKey's picture

You just *know* that once the 2nd derivative goes up, it will be used as a reason to pump the markets.

But until then? *markets whistle while looking the other way*

XRAYD's picture

Shouldn'f that be a Lickle?

youngman's picture

I predict in 5 years that number or % will become the new NORMAL

rsnoble's picture

Those charts say "Parabolic Collapse". End of story.

Element's picture

Yes, but this won't happen in any other countries in europa ... it's just a Greekish thingy ...

wot? ... spains worse ... already?

buzzsaw99's picture


Mr. Burns apparently writes for zh. [/excellent]

Radical Marijuana's picture


... I am finding that harder to be able to do anymore ...

My well-developed macabre sense of humour can not keep up! Of course, as things get worse & worse, the "opposition" matches that by also becoming worse and worse. The basic system of debt slavery automatically runs away to become debt insanity, and that then must result in psychotic breakdowns.  From a sublime point of view, the absurdities become more and more amusing, LOL!? (Given the necssarily macabre sense of humour, required to laugh at evil.) It is practically impossible to imagine how more radical truth could ever emerge enough to become the cure for this kind of runaway debt insanity, driving social psychotic breakdowns. So far, the only thing happening is more and more money made out out nothing, as debts, born by more and more people, to be pumped into a system that is being destroyed by too much debt, due to operating too much on the fundamental fraud of money made out of nothing in the first place.

Of course, inside of a world that is controlled by those who are the best at being dishonest, where the fraud kings control what is happening, everything is as backwards as it can possibly be, so that something like 75% of the young women in Greece find it impossible to be "employed" ... Since the fascist plutocracy is a system of insane numbers, which were graudally built on top of patriarchal militarism, young women are the primary victims, and virtually nobody, including them, will ever be able to resolve that enough to provide genuine solutions to that social insanity.

Paternalism of the insane big daddies, destroying the lives of their young daughters ... while most of the fake solutions proposed by various controlled opposition groups tend to be merely more old-fashioned systems of big daddyism.

Since the real world is now almost totally controlled by triumphant runaway frauds, and Greece is one of the leading examples of the process of debt slavery transforming into debt insanity, of course that manifests as "unemployment" and the most unemployable are young women, since they are the furtherest away from the big daddies which were controlling society through huge lies, backed by violence, whose "success" automatically must become insane, and leads to psychotic breakdowns ... Then, in that context, under stress, people regress, and the "solutions" tend to be just more and worse regressions to big daddyism, as still somehow going to be the way to fix the problems caused by too much big daddyism for too long!

PR Guy's picture



It really has all gone to ratshit in Europe

Aurora Ex Machina's picture

Whoever made that chart made a clever choice to shade them from light blue to dark blue; simple, obvious but direct way of suggesting their conclusions to the data.


Entering the Deep


[Note: that data presumably doesn't include the approx 1-2 million (?? figures wildly fluctuate due to source. i.e. Golden Dawn puts it closer to 2 million, Greek government just under 1 million) unregistered illegal aliens in Greece (via North Aftica, Pakistan and Afganistan largely), which Golden Dawn gets so upset about. Work those into there and the rate is higher. See here for American friendly version]

NEOSERF's picture

At this point Greece is just an interesting social experiment on how bad it needs to get in today's society before meaningful daily demonstrations, riots and opposition leaders with megaphones get in the street.  Xbox, iphone and ipod opiation so far seems to have kept the young males in check but there is always and inflection point and perhaps when the electricity goes off or the phone goes dead or the room temp hits 52 degrees, that people will get off their couches and demand to leave the euro.

Aurora Ex Machina's picture

I'd fine tune that:

We know how bad it has to get in a developing world country // Muslim countries, Greece is the test-bed for a 'second world', largely traditional family based, non-fundamentalist Religious / secular economic system, with attendant Corruption / Nepotism due to social structure, weak / co-opted local Government.


Note this: 46.9% internet penetration per ITU; 34.6% Facebook penetration. Here. I could dig up the mobile G network data as well, but approx ~ 50% of the population is "low information"

Capital city: Athens - population 752,971 (2010)

5,043,550 Internet users as of Dec.31, 2011, 46.9% penetration, per ITU

3,718,340 Facebook users on Mar 31/12, 34.6% penetration rate.

Bag Of Meat's picture

Attiki's (athens + close suburbs) population is more like 5 mil . 

Aurora Ex Machina's picture

Given the total pop is ~10-11 million, that's an interesting correlation between urban % and coverage %.

Might be meaningless, but worth thinking over.

Temporalist's picture

I'd also add that Greeks don't own guns.

THE DORK OF CORK's picture

The Euro boys (venetians) are the biggest most ambitious criminals ever to walk the earth.

Madcow's picture

Obviously, the Eurocrats will not rest until there is total chaos and revolution.

Maybe its time to give all of Southern Europe back to the Moors  


GFORCE's picture

Greece is now on the "Sachsma"

BattlegroundEurope2011's picture

Greece needs to get all those unemployed and invade the rest of Cyprus.

Get the ball rolling for a bigger conflict with Turkey.  Might as well do it now when they have the means to do it and very little downside if they fail to pull it off.



Fix It Again Timmy's picture

On the bright side, a depression will cure a nation's obesity problem....

Peterus's picture

This problem is contained. I have seen the best - official - data and I can say with full confidence that wise, but maybe somewhat painful decisions done in the face of this crisis will lead Greece to sustainable growth and get it's debt under control by 2030. Even on top of these great news - according to these prognosis based on our... ekhm on the best experts aveilable the Greek government will be able to pay it's debt down to the Drah... ekhm to the Euro in early XXII century. I see great future opening up before Greek people!

Frank N. Beans's picture

greeks pine for the good old days of 7% unemployment they had in 2008


TheOldMan's picture

It doesn't look so bad if you use a logarithmic scale...

UndergroundPost's picture

The real story: GREECE HAS AN EFFECTIVE UNEMPLOYMENT RATE OF 64.8%! Not the young, sun-kissed youth population, but among the FULL FORCE of WORK-ABLE ADULTS

Here are the numbers:

Unemployed (those not working who are trying to find work): 1.3M

Inactive Unemployed (as defined by the most trusted Helenic Statistical Authority: "persons that neither worked, neither looked for a job"): 3.4M

Total number of REAL UNEMPLOYED in Socrates homeland: ~4.7M

Total number of Greeks employed (this includes GOVERNMENT WORKERS which of course means secretaries working for secretaries who type meaningless memos for bureaucrats who write reports on why Greece needs more German money): 3.7M

Total Labor Force: 5.3M (Another farce number - see below)

Total Population of Greece: 11.2M

Total Adult Population (15-65, i.e. WORKING AGE): 7.2M

So the BuLS*T (Bureau of Labor Stats) of Greece is saying that there are nearly 2 million of its citizens (Total Adult Population - Total Labor Force) that for some reason shouldn't be included in the Labor Force. So we don't seem totally heartless, let's acknowledge that there are some physically, mentally and politically challenged adults that CAN'T work. The UN estimates that around 10% of the world's population is disabled and slightly higher in 3rd world countries. Its probably less in Greece (unless you consider someone who is over-tanned to be disabled) but let's say 10% of Greeks really can't work. That's about 720K of working age adults that really need charity. That leaves - again generously - 7.1M total work-able adults. And for those EU bureaucrats who are insisting on robbing the rest of Europe's producers for the non-producers, we'll even deduct that full 720K from the Inactive Employed number. The results: 3.3M INACTIVE + 1.3M UNEMPLOYED = 4.6M NOT WORKING.

Here's why Zeus is curled up in a corner sucking his thumb: 4.6M non-working but able adult Greeks / 7.1M total work-ready adults = 64.8% REAL UNEMPLOYMENT.

Socratic wisdom for Prime Minister Antonis Samaras: Hemlock exists for a reason.



Catflappo's picture

My Great Big Greek Problem