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Greek Youth Unemployment Tops 60%

Tyler Durden's picture





 

Optimism it seems is all that matters (or is all that is allowed) as we are battered by dismal data left, right, and center. Of course, a reflection on the markets tells any 'smart' person that it all must get better - or why would stocks or sovereigns, or EURUSD be where it is? However, the 6 out of 10 15-24 year olds in Greece (61.7% to be exact) would beg to differ with that view of the world (as their economy grinds to a halt) - and with Spain reaching new highs at 55.6% (as well as the Euro-zone over 24%), all the bureaucratic lip-service in the world won't stop the revolt that is coming we fear.

 

 


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Thu, 02/14/2013 - 12:58 | Link to Comment catacl1sm
catacl1sm's picture

Why aren't they fighting back yet? Iceland FTW!

Thu, 02/14/2013 - 13:01 | Link to Comment notbot
notbot's picture

Idiots.  The solution is so simple.  Just raise the minimum wage by 50%.

Thu, 02/14/2013 - 13:01 | Link to Comment ZippyBananaPants
ZippyBananaPants's picture

Opa!

Thu, 02/14/2013 - 13:05 | Link to Comment The Juggernaut
The Juggernaut's picture

I thought it said Youth Unemployment Riots.  Ha... silly me.  I'll just have to wait then.  Some one send them Ron Paul/Judge Napolitano YouTube clips... speed this process up.

Thu, 02/14/2013 - 13:14 | Link to Comment SafelyGraze
SafelyGraze's picture

if they would just take out some loans and go to college, the problem would be solved.

no longer unemployed.

building marketable skills for the New Century.

maintaining a strong infrastructure for educators and administrators.

the solution is, therefore, as simple as it is obvious

Thu, 02/14/2013 - 13:05 | Link to Comment francis_sawyer
francis_sawyer's picture

 "Utes"... itz alwaze da "utes"

~~~

ht/Slewie

Thu, 02/14/2013 - 13:12 | Link to Comment CheapBastard
Thu, 02/14/2013 - 14:04 | Link to Comment Lohn Jocke
Lohn Jocke's picture

Council, what is a yout?

Thu, 02/14/2013 - 13:08 | Link to Comment Skateboarder
Skateboarder's picture

Youth? They were doomed the second their parents (and theirs) agreed that debt = money = wealth. What you see are side effects and consequences of a series of generational failures in properly assessing and acting upon their environment.

^ @francis - all hail the slew. I miss the name, though I know he is here somewhere.

Thu, 02/14/2013 - 13:13 | Link to Comment fourchan
fourchan's picture

greece is the new detroit, its only 50% here.

Thu, 02/14/2013 - 14:01 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I'd argue that it has been generational programing to believe propaganda in order to provide cover for generational theft by certain familes and their offspring. Roll guillotines already!

Thu, 02/14/2013 - 17:58 | Link to Comment Totentänzerlied
Totentänzerlied's picture

Then you admit their voting is a fucking exercise in circle-jerk stupidity.

Thu, 02/14/2013 - 13:22 | Link to Comment Wile-E-Coyote
Wile-E-Coyote's picture

So who is feeding the Greeks, I thought empty stomachs result in revolution.

Oh dear I said revolution, is that a drone over my house, what's that vapour ......................oh shit.

Thu, 02/14/2013 - 17:40 | Link to Comment Groundhog Day
Groundhog Day's picture

What the yutes in greece need are more starbucks and some iphones to keep them wired and distracted.  Problem solved

Thu, 02/14/2013 - 15:18 | Link to Comment Agent P
Agent P's picture

"Idiots. The solution is so simple. Just raise the minimum wage by 50%."

Forget the minimum wage...raise the minimum age to 25 and the problem is instantly solved.

Thu, 02/14/2013 - 15:44 | Link to Comment Cupid Stunt
Cupid Stunt's picture

Or raise the school leaving age to 40.

Thu, 02/14/2013 - 13:30 | Link to Comment kliguy38
kliguy38's picture

Too easy to enjoy the climate and the remaining handouts......if the handouts disappear then the SHTF....

Thu, 02/14/2013 - 13:35 | Link to Comment LongSoupLine
LongSoupLine's picture

This will end real fucking badly, and I fucking hope the bank dick eating EU parliment is fucking directly on the enraged hate receiving end of the youthful fucking anger.  Burn those pricks straight to fucking hell.

Thu, 02/14/2013 - 19:47 | Link to Comment phoolish
phoolish's picture

You can't drive tanks and march infantry to Iceland.

 

 

Thu, 02/14/2013 - 12:59 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

Nothing to see. All is well.

Thu, 02/14/2013 - 13:24 | Link to Comment Freddie
Freddie's picture

As horrible as things are in Spain and Greece - they can be grateful they do not have Obama as their leader.

Thu, 02/14/2013 - 14:18 | Link to Comment Uber Vandal
Uber Vandal's picture

Leader would, however, imply the quality of leading.

Then again, most people are sheep, and therefore, easily led.

Thu, 02/14/2013 - 13:00 | Link to Comment q99x2
q99x2's picture

Looks like the FEDs balance sheet. Obvious the Central Banksters are killing the young people of the Western world.

Thu, 02/14/2013 - 13:03 | Link to Comment youngman
youngman's picture

also the old people...savings is a bad word now...they pay you nothing to save

Thu, 02/14/2013 - 13:01 | Link to Comment Desert Irish
Desert Irish's picture

Give them all uniforms and be done with it......

Thu, 02/14/2013 - 13:14 | Link to Comment Skateboarder
Skateboarder's picture

And clip pads! Without the pad, the authority is half diminished.

Thu, 02/14/2013 - 13:52 | Link to Comment Tango in the Blight
Tango in the Blight's picture

Give 'em all iPhones and iPads with Facebook apps on them. That will keep them quiet!

Thu, 02/14/2013 - 15:28 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Camp uniforms please, a place in a bunk bed and a plastic spoon.

Thu, 02/14/2013 - 13:01 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

So this is what Draghi meant by positive contagion. 

Thu, 02/14/2013 - 13:14 | Link to Comment Banksters
Banksters's picture

The US has decoupled from Europe and China.    Get your hopium in injectable form.   

 

 

Thu, 02/14/2013 - 13:02 | Link to Comment The PolyCapitalist
The PolyCapitalist's picture

As has been well documented European youth unemployment figures are wildly overstated:

http://www.polycapitalist.com/2012/09/lies-damned-lies-and-statistics-sp...

And people who aren't familiar with the methodologocial problems should still ask themselves why there hasn't been a full revolution given the supposed 60% youth unemployment?

The answer of course is that far less than 60% of young people are unemployed.

Thu, 02/14/2013 - 13:05 | Link to Comment nobusiness
nobusiness's picture

People who dont have a job but want one divided by people available for jobs (currently employe and unemployed) sounds like proper calculation to me

Thu, 02/14/2013 - 13:09 | Link to Comment Tsar Pointless
Tsar Pointless's picture

Okay, fine.

But if a college-age person also was employed at the same time, then should they be counted as "employed", seeing as they are in college and technically not part of the work force?

You can't have it both ways.

Thu, 02/14/2013 - 13:36 | Link to Comment slightlyskeptical
slightlyskeptical's picture

I don't get the correlation. Just because you are in college doesn't mean you aren't part of the workforce. For many, like me, if I didn't work, college wouldn't have happened.

 

Thu, 02/14/2013 - 13:17 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

While you might be correct, my issue with what you say makes German Youth Unemployment zero.  I don't buy that either.  So what gives?

Thu, 02/14/2013 - 13:17 | Link to Comment Banksters
Banksters's picture

I guess you've missed the week on week off protests.   Bottom line, GREECE, PORTUGAL, SPAIN and ITALY are either in a full blown depression or on the cusp of one.

Thu, 02/14/2013 - 13:27 | Link to Comment Freddie
Freddie's picture

These people a brainwashed by the media and the elites in staying in the EUSSR and the euro.  This glorious "european project" is the biggest disaster since Hope & Change.  They think free euro money is their savior.

Thu, 02/14/2013 - 13:58 | Link to Comment walküre
walküre's picture

Sure. 60% is exaggerated. It's only 59%

Stupid dumb fuck.

Thu, 02/14/2013 - 15:30 | Link to Comment Bunga Bunga
Bunga Bunga's picture

I am sure the statistics is skewed. If they admit 60% it's more like 80% in reality.

Thu, 02/14/2013 - 19:37 | Link to Comment are we there yet
are we there yet's picture

The criminal, Eurocratic, and political class is still employed. What percentage are they?

Fri, 02/15/2013 - 00:59 | Link to Comment Notarocketscientist
Notarocketscientist's picture

I was in Greece last May.   In Athens most fo the shops are shut.  I was walking in the city centre and asked someone for directions - she was a uni student - had a chat as we walked along and she said THERE ARE NO JOBS - MOST GRADS SHE KNOWS ARE LEAVING THE COUNTRY

I went to Crete - my cab driver was telling me that droves of city people have returned to their families in the provinces to live becaure there are NO JOBS in the cities.  They are working on their small farms now

And since then what has happend?  Right - the economy has crashed with GDP down double digits.   

THERE ARE NO JOBS and it is getting WORSE BY THE DAY

 

Thu, 02/14/2013 - 13:01 | Link to Comment nobusiness
nobusiness's picture

They are all in college on goverment loans and collecting unemployment while eating with food stamps and talking on government provided phones.  Oh wait that is the US!

Thu, 02/14/2013 - 13:02 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

In 2 years it's 120%.

Thu, 02/14/2013 - 13:02 | Link to Comment youngman
youngman's picture

What are the 40 % thinking???

The 60% must be filling out Obamas school loan forms

Thu, 02/14/2013 - 13:33 | Link to Comment Non Passaran
Non Passaran's picture

The 40% are working for the government, *helping* the 60% to create jobs!

Thu, 02/14/2013 - 13:02 | Link to Comment JustPrintMoreDuh
JustPrintMoreDuh's picture

What's Greece's version of DHS and have they put in any orders for billions of rounds of hp's yet?

Thu, 02/14/2013 - 13:02 | Link to Comment pods
pods's picture

Lots of free time, no prospects and loads of testosterone do not bode well for stability.

pods

Thu, 02/14/2013 - 13:23 | Link to Comment Desert Irish
Desert Irish's picture

Nah they'll just keep cranking out the next version of Call Of Duty, Halo, Grand Theft Auto......and reminding people to drink the tap water

Thu, 02/14/2013 - 13:04 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Repeat after me: Banks are more important than people.... Banks are more important than people. Bonuses must be paid.... Bonuses must be paid. Suffering is for the 99%....

Thu, 02/14/2013 - 13:11 | Link to Comment apberusdisvet
apberusdisvet's picture

Waiting for the tipping point; most likely a massacre of protesters by government thugs.  Coming to a locality near you.

Thu, 02/14/2013 - 13:14 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

If some paperwork survives from this era future historians will see the final stage of this European free banking crisis began in & around 1980 /86 ~

Fri, 02/15/2013 - 08:32 | Link to Comment Nussi34
Nussi34's picture

60% unempoyment rate does not mena 5 out of ten do not have a job.

 

It meas that 6 have no job and 10 do have a job!

Thu, 02/14/2013 - 13:15 | Link to Comment Bam_Man
Bam_Man's picture

It will only take a small spark.

Thu, 02/14/2013 - 13:35 | Link to Comment kridkrid
kridkrid's picture

and nobody saw it coming

Thu, 02/14/2013 - 13:59 | Link to Comment J in Vegas
J in Vegas's picture

Isn't there some sort of critical mass level for this shit.... like once the unemployement level for young peeps goes over...lets says 75%, the whole country starts some sort of runaway chain reacton. it works for nuclear bombs.... the same for countries? No?

Thu, 02/14/2013 - 13:17 | Link to Comment orangegeek
orangegeek's picture

how about a nice souvlaki on a pita?

Thu, 02/14/2013 - 13:19 | Link to Comment ebailey5
ebailey5's picture

No worries.  Almost at the 61.8% Fib --then everything will be just fine.  sarc/

Thu, 02/14/2013 - 15:17 | Link to Comment pashley1411
pashley1411's picture

We are just in holding until the mariginal cost of an unemployed machete-wielding rioter reaches the strike price of a power-hungry tyrant.  

Should be any day now.   

If I had a ZIRP line of credit and a smartering of Greek, I would consider it.  Sad the Cold War is history and the Russians got out of the revolutionary-export business.

Seems the entire West (and Japan) got stupid when the Commies stopped breathing down their neck.

Thu, 02/14/2013 - 18:23 | Link to Comment Totentänzerlied
Totentänzerlied's picture

No. The entire world got stupid before the Commies even existed. In fact this stupidity, which began in Europe circa 1600 CE, is what led to the existence of the Commies in the first place. Fast forward to the beginning of the 20th century. Capitalism breathed its last, and I'm being generous, it was already a half-dead zombie by 1850 in most of the Western world. Fast forward to the 21st century. Communism died.

National democratic socialism won. Period. There is no system to rival it at the present time - none. The people will never let capitalism have another chance, the brainwashing is so complete they actually believe they have been living under it for the entire period since it ceased to exist up to now.

They didn't get stupid when the Third Reich fell or the USSR collapsed, they got fully brain-dead and ceased to pretend to be any different from their erstwhile "enemies".

Thu, 02/14/2013 - 13:31 | Link to Comment Wile-E-Coyote
Wile-E-Coyote's picture

Do Greeks only riot in the summer? If this was the French Europe would on fire, thats the people, not to be confused with the French army who surrender at the first opportunity, or join in when victory is assured.

 

Thu, 02/14/2013 - 13:41 | Link to Comment The Second Rule
The Second Rule's picture

I seem to remember a stat that American unemployment among 30-somethings (thye highest wage earning group) was even higher than Greece. Anybody want to back me up on that, or refute it?

Thu, 02/14/2013 - 18:26 | Link to Comment Totentänzerlied
Totentänzerlied's picture

No, you're probably thinking of the total number of people (in America) who receive some form of income from the government, which is something like 50%-75%.

Thu, 02/14/2013 - 13:48 | Link to Comment kralizec
kralizec's picture

There's always the sex trade...

Thu, 02/14/2013 - 15:11 | Link to Comment Mad Mohel
Mad Mohel's picture

That is goddamn filthy!  

 

I wonder if they would take old drachmas?

Thu, 02/14/2013 - 18:15 | Link to Comment obessoligarch
obessoligarch's picture

well there's a potential as the report shows.

http://www.naughtynomad.com/forum/showthread.php?tid=707

Thu, 02/14/2013 - 14:02 | Link to Comment ElvisDog
ElvisDog's picture

If the Greeks were going to revolt, they would have done it already. Instead, they re-elected the same bunch of politicians who got them into this mess. If they had any balls they would declare a foreign debt jubilee and nationalize every foreign-owned asset inside Greece.

Thu, 02/14/2013 - 17:37 | Link to Comment Shizzmoney
Shizzmoney's picture

Right.

I say the same about the US, but shit hasn't gotten AS BAD as this.  My god the youth unemployment is a bloodbath.

 

Thu, 02/14/2013 - 18:11 | Link to Comment Totentänzerlied
Totentänzerlied's picture

"and nationalize every foreign-owned asset inside Greece"

YES! Forward, Soviet!

Thu, 02/14/2013 - 14:15 | Link to Comment Professor Fate
Professor Fate's picture

Dis r-tickle be bullsheet.  85% of my bro's in da hood be havin no job and no prob yet.  Everting be good in da hood.  Dem boys in Grease gots another 25 per cents to go.

Fate the Magnificent

"Push the button, Max"

Thu, 02/14/2013 - 14:45 | Link to Comment IridiumRebel
IridiumRebel's picture

Foo! You don' undastan! Jus cuz dey ain't on da buuks, don' meen dem suckas ain't pimpon hos!

Thu, 02/14/2013 - 14:21 | Link to Comment NEOSERF
NEOSERF's picture

Greek youth need to have their iphones turned off so they look up and see how bad it is...have a feeling this is finally the long hot summer that will make Watts look like a flower show.

Thu, 02/14/2013 - 14:36 | Link to Comment LetsGetPhysical
LetsGetPhysical's picture

they're not lazy, they're just resting.

Thu, 02/14/2013 - 15:01 | Link to Comment Madcow
Madcow's picture

does the first country to reach 100% unemployment win a prize ?

Thu, 02/14/2013 - 15:05 | Link to Comment Notarocketscientist
Notarocketscientist's picture

Interesting.  Greece's GDP continues to collapse (another 6%) so eventually they will have 100% unemployment.

That is what is coming for the world - as economies sink into recession then depression - with NO WAY OUT - what will happen is a snowball effect

As more people lose jobs that destroys demand - which causes more job losses - and on and on and on.    Until there are no people to buy goods and services.

This will be compounded by mayhem in the streets (see Egypt) where those starving rampage and shut everything down.

There is no way out of this - the end of CHEAP ENERGY is the END OF GROWTH

Mark my words

Thu, 02/14/2013 - 16:11 | Link to Comment smacker
smacker's picture

Well, if civil (or youth) unrest comes to the EZ (Greece? Spain? Italy?) it would probably be a good thing PROVIDING they are well prepared and do what's necessary. It is surely becoming clearer by the day to those of us looking on at this five year growing disaster of madness that the political elites have no idea what to do - despite them being largely respnsible for it - EXCEPT to protect themselves and failed to hold one banker to account.

Judgement Day in on its way...

Thu, 02/14/2013 - 16:13 | Link to Comment douglas
douglas's picture

I am a retired USN officer and live near Malaga Spain.  I live in a small (paid off) penthouse overlooking the Med in an upper middle class neighborhood -  most of my neighbors are college graduates and/or businessmen, but more and more I see their 18-25+ year old kids remain at home (not students and not employed) while their father´s go to work.  Lately I´ve noticed that several ¨over 30 year old¨ siblings (with their own families) have moved back in with their parents.  At the same time a couple of my neighbors have lost their jobs and later lost their homes to reposession.  The government has a permanent €400 monthly payment (like welfare) for long term unemployed who have lost their regular unemployment benefits, but that´s hardly enough to make ends meet...  I personally believe that the reason a ¨Revolution¨ has not already broken out in both Greece and Spain is simply because right now most of the youth is not going hungry - they´re living and eating at ¨la casa de mis padres¨ (my paents house).  The thing is that as their parent´s savings continue to evaporate and they in turn lose their jobs, soon the youth will have no place to turn.  In neighborhoods less affluent than mine the effects are already much worse, crime and suicides are on the rise...  I hope to be out of here before the SHTF because I hear the rumblings and smell the revolution soon to come...  

Thu, 02/14/2013 - 17:35 | Link to Comment Shizzmoney
Shizzmoney's picture

As youth unemployment hits 55 percent in Spain? ECB's Draghi says Spain is on right track!

I'm bullish.  Young people are expendable, anyways.

Thu, 02/14/2013 - 17:37 | Link to Comment foodstampbarry
foodstampbarry's picture

Obozo's dream economy. Forward!

Thu, 02/14/2013 - 18:09 | Link to Comment Totentänzerlied
Totentänzerlied's picture

They lack revolutionary class consciousness. They will not be revolting anytime soon. The social and psychological factors are not present, even if the economic ones are. And when they do revolt, odds are overwhelmingly good that they will pursue a program of nationalist democratic socialism - totally denying and ignoring the fact that this is what they have had for 60 fucking years, like 99% of all revolutions WORLDWIDE since the English Civil War. Some things don't change.

Fri, 02/15/2013 - 08:28 | Link to Comment Nussi34
Nussi34's picture

The Euro brings peace and prosperity to Europe!

Do NOT follow this link or you will be banned from the site!