As Greek Prime Minister Antonis Samaras is touting what he called the country’s “success story” in edging toward recovery from a crushing economic crisis, it hasn’t helped reduce unemployment, which hit a record 26.8 percent in March.
The figure was revised up from 26.7 percent and showed there are now more than 1.3 million people out of work, including at least 400,000 for whom year-long benefits have expired, leaving them without any income or health insurance.
In March 2008, just before Greece’s finances imploded, forcing the country to accept international bailouts in return for harsh austerity measures, just 390,000 people were jobless.
The monthly statistical data are adjusted to remove seasonal factors, such as the spike in employment during the summer tourist season that would otherwise obscure underlying trends.
Youth unemployment remained extremely high, despite indications that the figures are beginning to stabilize. Some 58.3% of the 15-24 age group were jobless in March, compared to 63.8 in February.
Samaras said earlier that in January, 2014 he would have a program to hire 75,000 young people, but didn’t say what kind of jobs or pay they would receive as the government has also cut the minimum wage to 683.76 euros ($897) a month before taxes.
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