Greece's Unemployment Rate Jumps To 16.6 Percent In May

ATHENS, Greece (AP) -- Greece's Statistical Authority says unemployment in the debt-ridden country jumped to 16.6 percent in May.

That's up from 12 percent in the same month last year and 15.8 percent in April 2011.

The agency said Thursday Greece had 220,534 more unemployed people in May this year compared to May 2010, an increase of 36.6 percent. The number of jobless stands at 822,719 in the country of about 11 million people.

European leaders agreed last month on a second bailout worth euro109 billion ($155 billion) for Greece, which was granted its first, equivalent rescue from international creditors last year.

In return, the government has imposed strict austerity measures, increasing taxes and cutting public sector pay and pensions.

Comments

[H20hhh]

10:31 PM on 08/11/2011

Greece is becoming 3rd world country almost over night. It's amazing whats happening..It's as if countries are coming out of WW3, just that the armies are millions and billions of computer numbers crippling country after country.

[The political pulse]

05:19 PM on 08/11/2011

This is the problem with cutting government spending too rapidly. While spending by the government is not good, it is in fact still spending. If you all of a sudden take that away, that is less money flowing into an economy. Reductions in government spending need to be done gradually or you can thrust a fragile economy into a further recession or even a depression.

[NickTAZ]

03:57 PM on 08/11/2011

In a world where the land & natural resource owners can provide for each other all their worldly desires with fewer and fewer employes, public unemployment is destined to grow larger & larger until a cast system organically evolves. The rich used to need the poor to build their pyramids and harvest their fields, and they still do, to a certain extent, but that extent is lessoning with every passing century.

[todd1888]

02:12 PM on 08/11/2011

Obviously, austerity works. Perhaps they should try that in the US? Oh wait . . .

[fortressfountain]

12:08 PM on 08/11/2011

Everytime the market goes down they blame it on Greece, etc. What does that have to do with the fact no one has money because they are not working to buy stocks?

[mnn119]

09:32 AM on 08/11/2011

stop spending all your money on pointless stuff!!!