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Greek Unemployment Hits New Record; People Employed Drops To Record Low; 61.4% Of Youth Without A Job
Something funny happened on the Grecovery: the Grecession.... Actually, make that the Gepression. In a nutshell - according to Elstat, Greek unemployment in November rose to a record high on both a seasonally adjusted and unadjusted basis with 28% of the labor force without a job, the number of people unemployed rose to a record high 1.382 million, even as the number of labor inactive people keeps rising, hitting 3.377 million and on its way to catch up with the rapidly declining 3.55 million people employed, which incidentally in November also posted a new record low. And tying it all together was the Greek youth unemployment rate which posted a record high for November at 61.4%, and after a few months of declines which gave some hope that things are indeed improving is back to its old, soaring ways.
Greek employment table:
Record low number employed:
Record high number unemployed:
Record high unemployment:
Gerek youth unemployment: the latest trend is no longer your friend.
Source: ELSTAT
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61.4% Of Youth Without A Job
Awesome....now they can all be painters.
Youth unemployment will be redefined as under 15 years of aga. Then youth unemployment will fall rapidly
Vork harder my german brethren.......vee own you and vee need moar......hehehhehe.........our greek vorkers don't like to vork hard but you do....so JUMP.......we need MOAR AND MOAR
Would you rather…
a). be paid in drachma
b). not be paid in euros
They chose b).
Raise the minimum wage to 15 euro and that should fix it......Barry
Clearly you hate black people and women.
If they would only raise the minimum wage to 50€ per hour, it would be solved instantly, because as employers pay their employees more the employees will spend more, and thus it will make the economy stronger.
--Paul Krugman
Do the Greeks still believe a default would have been worse than this??
Greece probably would have defaulted if it wasn't under the control of EU bureaucrats. Can't let those dominoes start falling, now can we?
It’s irrelevant, the process of impoverishment will continue while Greeks still have stuff to sell on the cheap. As soon as the banksters realize they can’t get any more they will move on to shakedown some other country.
and diner owners
Youth defined as 18-25 year olds?
Crazy days ahead.
Youth defined as 18-25 year olds?
...aka Yoots.
http://www.youtube.com/watch?v=HVjbf-dHjW0
if you look to those comedy shows where "young kids" are played by 40 year old actors... I think we can all asume 18 to 40 is conciderd "youth".
And as unemployment grows, 65 will soon be also concidderd "youth" because it sounds less bad if "youth" still lives in momma and daddy's basement.
and we'll only be able to get retirement benefits at age 98 so yeah.....
<<< ...aka Yoots. >>>
They have been "yootanized"
I would say most of this is people going off grid...no longer paying taxes..and taking their wages under the table...
Agree, and they will keep taking every baliout the EU/ECB offers up until it dries up, and then they will tell the fuckers to get bent and pull out. What is the EU going to do, invade them? Only the Russians, Chinese or US would do that.
What's that old saying? If you borrow 1000 Euros, the bank owns you. If you borrow 300 billion Euros, you own the bank?
I was in Kavala about a year ago, and none of the restaurants would take credit cards. They were all cash-only.
What cash is prefered? Dollars, Euros, other, any??
This is true to a degree but the downside is that the wages they are being paid are a mere pittance. Would you work for under 300 euro a month when the train ticket alone becomes a stumbling block?
It's a good thing the ECB saved the greeks^H^H^H^H^H^H european banks from the depression.
top graph: only 3500 people are employed in greece
sounds about right
Peope employed 3,500,000
Less public service 2,500,000
Less politicians at all levels 100,000
Less: Prisoners 25,000
Less: Army 600,000
Less: priests, bishops etc 100,000
Less: Employees of Greek central bank 3,000
Less: Banking employees 150,000
Less: People earning under 4000 euro/year 21,999
Number actually producing something ONE
The above figures are only a joke (with the exception of 3000 people working in the central bank). They only serve to highlight how unproductive the majority of the workforce are in producing anything that can be traded.
Debt should wiped out and from that point on, no further credit or aid. This is the only thing that will reverse the plight of Greece.
The old "no wonder i am tired joke"
Although ur supposed to finish it
People working....2
And ur reading ZH. So no wonder i'm tired....
Everything is fine, Draghi said so, thats why 10y yield just hot a four year low
Can I get a "seaonally adjusted" salary for the "seasonally adjusted" job that I (don't) have?
What month is it? Oh, yeah, we just "seasonally adjusted" you back out of the job you didn't have. Wrong season again, sorry.
What a bunch of crap all these adjusted numbers are.
WELL ALL THE 5000 EURO A MONTH JOBS ARE TAKEN SO WHY WOULD THEY WANT TO WORK?!
The government debt is around 340 billion euros.
Even if we assume an interest rate of 3.5% this comes to 11,9 billion per year.
The government advises (BS at best) that it has a small primary surplus of 1 billion euros (i.e. before interest)
Therefore deficit is around 11 billion euros per year
There are 3.5 million people employed.
11 billion euros divided by 3.5 million workers equals extra tax of 3142 euros per year
An average worker makes around 10,000 per year.
Both Europe and the politicians of Greece are lying pieces of shit for trying to tell Greeks that Greece has turned the corner.
In reality it's almost over the edge.
Same goes for Spain and other debt laden nations of Europe.
Good luck to Ukraine if it thinks it will be entering the promised land by joining Europe.
Good luck to Ukraine if it thinks it will be entering the promised land by joining Europe.
EU Ponzi needs a new sucker. Ukraine.......you're up.
http://rt.com/news/greece-germany-leftist-group-866/
"Greek authorities have stepped up security after a leftist extremist group declared war on the “German capitalist machine.” The group has claimed responsibility for attacks on a Mercedes-Benz branch and on the German ambassador’s residence in Athens.
An anarchist group calling itself the Popular Fighters has come forward, claiming to be behind a botched rocket attack on the offices of German car manufacturer Mercedes-Benz in the Greek capital."
These extremists might be expressing the anger and frustration of a large number of Greek people, but the reality is that they do more harm than good.
One only has to remember the result of the cowardly arson attack on a Greek bank during political protests that resulted in the death of a pregant bank teller.
The problem is that Greece does not have any politicians with the balls to say enough is enough because they are either on the take or they are being blackmailed/threatened by the TROIKA who knows all of their dirty laundry and are therefore obliged to follow their instructions.
Even SYRIZA is only making lame protestations over the debt so that Europe will allow them to form the next government. Otherwise they will also fall foul of Europe just like the Golden Dawn Party and find themselves out in the cold.
They missed both times lol. Personally, I'm glad they missed as the GM at Mercedes is a friend of mine and trust me, he's not the enemy here... Greek so called "anarchists" are really just communists with a hardon. And they think going downtown and destroying storefronts (or burning pregnant bank tellers alive) is sticking it to the "capitalist pigs" when really they are indirectly aiding the establishment.
greeks are a new europe gypsies now
I wonder what the real gypsies are up to these days.
half of them are in France, another in Ireland, small percent left in their indigineos habitat - Romania
What's the problem? Put 90% of them on temporary disability/work training/butt scatching, the unemployment is 6%. Problem solved.
It's much simpler than that. Just say, if you are not employed you must not be looking for a job. If you are not looking for a job, you are not UN-employed. UN-employment rate drops to 1.3%. (1.3% accounts for the seasonal adjustment of 0%)
61.4 % youth unemployment? Wow. Let them eat cake --- just raise the minimum wage.
WWOD -- What Would Obama Do? At least 4 things:
1. Immediately ignore all immigration laws and allow 12 million illegal radical muslim aliens from Syria, Sudan, Libya, Eygpt, and Saudis to overrun Greece to share the Islands and sunshine.
2. Immediately make it Greece Law that says all the newly undocumented terrorists and unemployed can sign up for free healthcare paid for by the 10 Greeks with jobs.
3. Denounce the battle of Thermophylae as a racist act by 300 white Spartans against 50,000 Persians.
What Would Obama Do? At least 4 things, but you only list three. Oh, I get it !
Greece was always in love with socialism....and they got their wish!
They are so fucked. Greece already has mandatory military service ... how long before they just make the conscription permanent? Get 'em while they're young, and never let 'em leave ...
Long Jackboots.
the underground economy must be HUGE.
you know the situation is fucking shit when the MSM stops reporting it
I do feel bad for the young people. I don't understand how you survive for that long being unemployed, live with family I guess. But that whole generation will have issues later, while I'm here in America getting ahead making a nice paycheck, buying property, silver and gold they are just struggling to keep their heads above water. I don't know how they ever plan on retiring.
Problem with Greece that is contributing the the high unemployment of young people is that wages are too high. In a depression, prices fall for a reason. It's not a random thing. Greek wages are too high which manifests in high unemployment. Hey socialist can blame greedy capitalist pigs, and advocate a government takeover to set things right, but I am just telling it how it goes. During the Great Depression, Hoover, and Franklin Roosevelt tried to raise prices in a depression directly by telling employers to raise wages, FDR was telling people how much of a good they can produce, even slaughtering livestock to raise prices. Prices drop in a depression for a reason. It's not a thing that is done randomly, and out of sheer stupidity. When real wealth decreases a economy substantially, prices adjust to the new conditions, which include lower incomes in the economy, but central planners think they know better than everybody else who live for there own self interest no less. In reality, Greeks are simply trying to postpone a major economic contraction, and pretend that high wages are here to stay, and that should be the normal even if they have high unemployment.
Can't those kids just trade stawks? No?