Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%

Tyler Durden's picture

The Greek economic depressionary catastrophe continues to merrily chug along. Hours ago, Greek Elstat reported that February unemployment rose to a new record high of 27.0%, with the January number revised from 27.2% to 26.7%, up from 21.9% in February 2012, and almost as if unlike the Greek BLS is not even trying to fudge numbers anymore and wants to show a deteriorating situation (or, as it was called in the Old Normal - "reality").

That said, if the numbers were indeed gamed, the Greek statistical bureau had person-level detail: "The number of employed amounted to 3,568,186 persons. ?he number of unemployed amounted to 1,320,189 while the number of inactive to 3,358,649.... The number of employed decreased by 270,766 persons compared with February 2012 (a 7.1% rate of decrease) and by 28,650 persons compared with January 2013 (a 0.8% rate of decrease). Unemployed increased by 245,021 persons (a 22.8% rate of increase) compared with February 2012 and by 11,663 persons compared with January 2013 (a 0.9% rate of increase)."

Looking at the Shadow economy, the number of people who are inactive, or "neither worked neither looked for a job", hit 3,358,649. This number is just shy of the total people employed, meaning in 2-3 months, the Greek shadow economy will be greater than the official, taxed-one. A gender breakdown shows that females have never had it worse with 31% unemployment, compared to 24.1% for men.

But the most stunning number was the number of unemployed Greek youths (15-24), which hit a record 64.2%, the highest number on record, and a mindblowing 5% increase from the 59.3% youth unemployment reported in January, and a 10% increase from a year ago (and compared to 16.9% in neighboring Turkey).

Remember: all those unemployed people according to CNBC are just employed people on the sidelines, and is a bullish sign of pent up jobs. And sooner or later, they will reemerge as victorious workers in some European Kolhoz bringing victory and prosperity to the latest European KomIntern.

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fractal trader's picture

The good thing is that once it reaches 100% it will finally stop.

Slightly Insane's picture

And upon hitting 100%, then recovery can begin, it is mathematically assured.

jbvtme's picture

that sucks.  i falafel...

fightthepower's picture

What a bunch off pathetic losers the Greeks are.  64% unemployment among youth but no energy for a revolution. 

Ghordius's picture

you need a goal and a strategy for a revolution. and the seeds for a new system. when did your country have the last revolution? Greeks had the last one in the 70's

Sandmann's picture

The Greeks are not the issue, it is across Europe. The only viable option is National Socialism with bankers being disempowered and executed. An authoritarian regime which would have local national colourings but be essentially a nationalist and socialist oriented political culture hostile to any super-arching structures, currencies or politics

shermacman's picture

Do you actually believe in what you just wrote? Or are you missing a /sarc tag?

cohiba smoker's picture

I believe him. A seismic shift WILL occur in Europe.

The present political elites have abandoned their people for globalist utopian mirages. At some point the majority finally will fathom this "esoteric" fact.

Then any third positionist patriotic movement will look better than the cadres of the present evolving chaos.



We haven't had a revolution in over 200 years primarily becuase we hadn't fucked this country up until the last 20 years

We are over due

dtwn's picture

Plus they have to be starving.  Until acquiring food becomes a severe problem, I'm less inclined to think there will be revolution any time soon.  However, if food inflation continues, then . . . . . . . 

i-dog's picture

Mar 28, 2012 - Mario Monti: "The worst of the Euro crisis is nearly over!"

Nov 19, 2012 - Spanish PM: "The worst of the Euro crisis is nearly over!"

Dec 28, 2012 - German FinMin: "The worst of the Euro crisis is over!"

Jan 28, 2013 - Greek FinMin: "The worst is nearly over for Greece!"

May 4, 2013 - Greek FinMin: "The worst is over!"

What a relief! ... It's all smooth sailing from here on in Europe!

Ghordius's picture

imagine what relief this Continent will have when Ze Germanz have finally their General Elections

Never One Roach's picture

No, no, todays controlled world of numbers it can go to 120% unemployment....

DeadFred's picture

They need a BLS blackbox to generate their numbers. In a couple minutes the US version will churn through the important factors such as S&P at high, poor 10 year auction yesterday, 30 auction at 1PM and viola, 366K pops out <my guess>

NoDebt's picture

Yeah, let's focus on that.  I don't really want to hear any more about Greece.  I get the picture.  

Shizzmoney's picture

This was all planned based off of the IMF's economic doctrine: "The Path to Full Unemployment"

the not so mighty maximiza's picture

at least they still got the Euro, its all worth it.

Ghordius's picture

yup. particularly because Greeks notice things like... comparable youth unemployment in Turkey

Terminus C's picture

Who... also wants to join the Eurozone...

I know you defend the Euro from what you see (rightly in many cases) as Pro American bias but I don't see how you don't see that the Euro is done.  I would agree with you (as would most of the posters here) that America is also done but that doesn't explain your seemingly inexplicable defense of the Eurozone...

Ghordius's picture

I'm ProAmerican, AntiMegaCorp, AntiMegaBank and against the misuse of monetary and military weapon systems

Are you familiar with Bastiat? The "Seen" and the "Unseen"? You see the eurozone, but do you see what would have been without the EUR?

I belong to a group of people that supports a non-national, non-offensive currency as a response to the inevitable future conclusion to Nixon's Shock (which shocked us foreigners, btw)

Financialization is a force that can't be resisted frontally, too much of it is cultural and too much of it is embedded in shared imperial interests.

But keeping options open and not falling into a complete USD orbit is our equivalent of a shelter/bunker.

Look up how much fun were our "competitive rounds of devaluations" before the currency grids, and how fat financial speculation got from them

SamAdams's picture

Europe was shocked at America's second default?  I would have supposed Britian, France and Germany would be well versed in the antics of the criminal bankers...

Ghordius's picture

eh, remember that the magnitude of those antics has increased exponentially

even old Lord Rothschild was... dependable. a market maker and preserver, not destroyer, as Mr. J.P. Morgan, too

in comparison to the modern bunch, that is - and mostly because of the effect gold has on finance

Jack Napier's picture

You mawst be jowking.

One market is made at the expense of another(s). Wealth can never be created or destroyed, only transferred, transformed, or extracted.

There is no such thing as making a market without destruction occurring elsewhere.

MeelionDollerBogus's picture

Depends on if we're talking fraud or time-frames. If it's fraud then you're right. If it's time-frames, upon which production happens faster, cheaper, better quality of goods, of extraction of resources at lower costs from INPUTS being traded properly (e.g. oil input to gold or copper output) then you're wrong. Wealth is created by transforming resources and sometimes they must move first to be adequately processed.

tango's picture

One of the most basic cultural memes is the nation state.  Europe may not like this considering her wretched history of constant war and fighting but it's the reality.   A non-nation non-offensive currency is an oxymoron.  Currencies are inherently biased - supported by either PM or "trust" from a State (not an idea).  The goal should not be avoiding the evil dollar.  It should be maintaining a viable currency backed up by more than trust (and the Euro is about as far from this as possible). 

But what can you say when big majorities in places that the EU has destroyed -  Crete, Greece, Spain - WANT to retain the status quo?  

Ghordius's picture

OK, how "evil" is the non-national currency... gold?

Ghordius's picture

"I don't see how you don't see that the Euro is done" - well, I could argue that as long as the eurozone has a slight export surplus it's quite difficult to kill the EUR, but let's try a different argumentation

a fiat currency is like... a credit card. on which you can eventually default - but you don't have to

now have a look at Uncle Sam, brandishing his Platinum Global Reserve Fiat Currency, which finances all his deficits and is currently also filling up debt holes of several kinds

and now look at the eurozone, with a shared Golden Regional Fiat Currency, financing some fill-up of debt holes

now look at the sovereigns of the eurozone (imagine them like we do, tall matrons in Roman Garb with Walled Crowns on their heads - and in the case of France of course flashing her bare tits). They all have another credit card ready to use - just in case. BareTitties the Silver Franc Card, Blondie the DM, the gal with the curls the ITL, etc.

the whole fight between the girls is about how much they can draw from the family Gold Card - none of them wants to go now to their fall-back solutions, in the same way as none of them wants to go back to the even more remote fall back solution of... gold

SamAdams's picture

Do I understand correctly, that Uncle Sam fills holes while Ms France flashes titties?  Who knew debt finance could be so lascivious?

Ghordius's picture

correct ;-)  Ms Marianne France is an allegory of Liberty and Reason - two powerful arguments for her to flash her two powerful arguments

meanwhile Uncle Sam wants you to do something. perhaps you should have kept Columbia with her revolutionary cap and blonde hair

SamAdams's picture

Columbia is but a concubine, Semiramis is always first lady.

tip e. canoe's picture

true dat

"Semiramis, that ancient queen who was the first person to castrate male youths of tender age" 

Terminus C's picture

Interesting way of lookng at things. 

I understand why these countries, and the US, are running up as much credit as they can, while they still can.  They know the game is done, a mathematical certainty, so they seek to draw as much credit from the old system before the game ends. 

From this scenario, with which I agree, I can only see it ending in war.  We will have to see who will war with whom as I don't think the sides are yet picked, which is why countries are still able to "draw from their credit lines".

Interesting times ahead.

Ghordius's picture

your reference to war as an inevitability is another reason to keep a non-offensive, non-national currency

as long as Uncle Sam throws gold bars at Uncle Wei and Uncle Wei throws bundles of USD at Uncle Sam all we really, really want is to keep critical parts of our real economy intact

if the wall around your city is destroyed but it kept your city whole... you can rebuild. we have some experience in rebuilding

and so the EUR is... expendable. without too much drama and damage, that is

rpc's picture

Nice CC story Ghordius, here is another one:

You have a golden CC but you only use it the thrifty way.
Your neighbor has a CC too, but he lives an extravagant life, so he is always broken.

Since you live in the same building, he asks for your card, would you give it to him, even if he is a friend of yours?

Now imagine you are Germany, and your neighbor is Greece?

Ghordius's picture

the only issue with your comparison that I have is that it does not take in account the other guy using his platinum card - which is the one thing that destabilizes the whole neighborhood - codename: hot money

having said that, Greece is having deficits, and those deficits are being paid for by the "family", of which Greece is a bit like the old loony aunt

yes, lots of ugly manouvers in the consolidation of Auntie's debt. family squabbles are ugly even without bankster's additional ugliness

nevertheless... I fail to see a different course I could give as advice to Greece, at the moment, and most proposals I read of go in the direction of a big, huge... splat! which Greeks don't want, but many speculators wish for

rpc's picture

That's the problem, all members of EZ have platinum cards. The ones that use it the most, win. Moral hazard in it's most pure form.

Ghordius's picture

yes and no. I shifted some business cash from Greeks and Spanish bank accounts to German ones, for a while. And so I contributed to the famous Target 2 imbalances, too

does it make me less... European? more German? less Spanish and Greek? Don't let the fact that we have lots of national statistics cloud your perception that a strong majority of continental europeans feel themselves in the same boat, as family

in the same way as I was reading an article I don't find at the moment where this Italian guy was moaning about the EUR - and making the comment that all his friends have a studio in Berlin (if I find it I'll post a link, I've found it originally at Jesse's Cafe)

balanced budgets, bitchez - and nobody draws from the card - except for emergencies (I know, I know, for politicians everything is an emergency and a crisis, that's their modus operandi - but they need an electorate that believes it)

rpc's picture

I see no real future for the Euro. No democratic elect central government (please don't tell me you accept Barroso as appointed "President"), no common civil law, different approaches to what states should be responsible of, broken rules and laws, no real intention to reforms (France? Italy?), rising resistance in nearly all member states, and the most important: ruling elites want to keep their power.

It doesn't really appear France and others will give up major parts of their sovereignty, nor is there a fast reachable way to make the EZ an optimum currency area (according to Mundell).

I don't know if it is a good idea to buy real estate in Germany hoping to save ones buying power. Many people expect a new version of a forced mortgage (see "Lastenausgleichsgesetz") after the Euro-crash.

MeelionDollerBogus's picture

hot money is not the problem : imbalances from wage-parity needs are the problem, and fraud. Lots of fraud. The eurozone is built on fraud so it must collapse. it's a poor analogy to use credit cards unless you're talking about someone using cards written in fictional names to someone else's address. Then it's right on

krispkritter's picture

They've been neutered alright...

joak's picture

Greece can't just kick people out of the active population, like everybody ? Unless they are already doing it...

ziggy59's picture

They need to hire someone from the BLS... letter too many by the way..

Slightly Insane's picture

If they hired someone from the BLS, they would then have to revise the unemployment report indicating that a recovery was underway.  (If you hire a clown, by default, you have to have a circus).

W T F II's picture

Exactly...BLS would get them to 59.9%

jubber's picture

why haven't these kids burnt Athens Banks to the ground?

Slightly Insane's picture

Because it is made from ground up rocks .... the kind that don't burn .... and the unemployed kids have to have surplus fiat with which to purchase the matches .... and doing so one would be labeled a "terrorist"

Chief_Illiniwek's picture

During my lifetime (58 years) there have been many countries/lands where "social unrest" seemed probably/likely.  Yet, nothing of consequence happened.  ...Venezuela, Pakistan, Zimbabwe, Mexico, Soviet block comes to mind.  Sure, there have been sudden regime changes in various basket-cases - Egypt and Libya - for example.  But the societa/economicl environment remains the same.

Are the revolutionary forces which created the US gone forever?