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Greek unemployment soars with one fifth out of work

The Greek recession has created a society in crisis with soaring unemployment rates and half of Greek young people out of work.

greek poverty sceneEnlarge
More and more Greeks are being pushed into unemployment and poverty as the recession deepens (Oli Scarff/Getty Images)

The Greek jobless rate rose to 21.8 percent in January according to government statistics released Thursday, with over 1 in 5 Greeks now out of work.

According to the Greek Reporter, the numbers are the highest since the Greek statistical agency began collecting monthly unemployment data nearly a decade ago.

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The numbers point to the increasing impact of the recession and debt crisis on the Greek labor market.

Greece's jobless rate is soaring from about 12 percent in 2010 to 17 percent last year.

Reuters reported Thursday that youth unemployment numbers in Greece now exceed 50 percent.

The Greek statistical authority reported that 1,084,668 people were unemployed in the first month of 2012, said the Associated Press.

The news agency reported that 344,913 people lost their job since January of last year, which translates into nearly 1,000 jobs per day lost.

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http://www.globalpost.com/dispatch/news/business-tech/debt-crisis/120412/greek-unemployment-soars-over-one-five-out-work