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Unemployed Expected to Exceed 1,200,000 by the End of 2012

Scientific director of the GSEE-ADEDY Institute of Labor, Professor Savvas Robolis predicts that the unemployment rate in Greece will climb to a staggering 24% by the end of this year.
As he stated on radio station “Vima 99.5”, the unemployed are expected to exceed 1,200,000 in 2012, and calculates that the non-registered unemployed, who amount to approximately 6%, will reach 1,400,000.
According to professor Robolis, the real available income of employees, what is left after taxes and cuts in wages, decreased by 50% since 2009, the year when the financial crisis broke out.
He also said that unitary labor costs have declined by 8% over the last two years and that the memorandum mandates will trigger an additional 15% reduction in the two years to come.
Robolis also reminded that troika expects from us a further reduction is salaries, a measure that was due to be implemented in June, but was postponed because of the second round of elections.

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