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Greek Nightmare: Unemployment to Reach Rates of Great Depression

Dramatic are the predictions about the development of unemployment in 2013, as Greece does not show signs of recovery. According to private sector union GSEE, unemployment may reach even 35% in the upcoming year, a percentage rate that was reached in the USA during the Great Depression in 1930s.

Speaking to Skai TV Savvas Robolis, scientific director of the GSEE Institute of Labour, expressed the point of view that Greece will meet the “hurricane of internal devaluation policy” with devastating impact on labour forces.

Robolis predicted that registered unemployment  will climb to 29% in 2013, with actual numbers reaching 34-35%, that translate into 1.7-2 million unemployed people.

June 2012 unemployment in Greece climbed at 25.1% although traditionally the summer months lower unemployment rates due to seasonal works in tourism, construction and agriculture.

Data of  Greek “registered” unemployment refer only to employees but not to self-employed or those who closed down their business, to part-time workers and labourers without insurance, a very common labour scheme since the country sought IMF aid in May 2010.

Some 4-6-week educational programs for unemployed organized by the Employment Agency (OAED) manage also to dump the real unemployment rates for a short time. Last summer, some 30,000 unemployed attended such programs and were not registered as ‘jobless’ during this time.

Real unemployment in real life is much higher than officially stated. Just take a look around you.

Greece is in the fifth year of recession, currently approximately at 7 percent.

The Great Depression was the severe economic depression and economic decline in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in 1930 and lasted until the late 1930s or middle 1940s. It was the longest, most widespread, and deepest depression of the 20th century.

The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday).

The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33 percent.

 

 

 

 

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5 comments

  1. This does not even come close to what my parents lived thru during WW2 occupied Athens. Nice reality check.

    • Are you trying to tell us that the people should accept the horrors of austerity because they are “less horrific” than the horrors of WW2?

  2. I say stock up on chinese instant noodle soup (top ramen) as it’s cheap, stores well, and although it taste like butt, it still will keep you alive during the depression.

    I ate this stuff all throughout college to save money. I think Lidl carries that stuff if I remember right?