Unemployment in Greece hit a new record in May with 27.6% just a month after Prime Minister Samaras had launched his ‘ “success story” campaign. The sheer horror is among the youth aged 15-24 : unemployment has reached 64.5%.
Total number of unemployed: 1,381,088
27.6% in May 2013 – 27% in April 2013 – 23.8% in May 2012
Youth unemployment ages 15-24:
64.9% in May 2013 – 55.1% in May 2012
Regions with highest unemployment:
Epirus-Western Macedonia 30.5%
The data released by Greek statistics Authority (ELSTAT) for May 2013include only the data of employees. Self-employed who become jobless after closing down shops and businesses are not included in the Greek unemployment reality.
Research institute of private sector union GSEE had predicted that unemployment would reach 30% by the end of the year. GSEE’s prediction did not include the wave of lay-offs in the public sector, when some 15,000 people are expected to lose their jobs by end of 2014.
Not even lowering the minimum wage down to 480 euro gross for those below 25 years old and down to 580 euro gross for those above this age could manage to combat unemployment.
Because: not matter how “competitive” Greece is in terms of wages, there can be no growth and development in an unstable tax environment with continuously increasing corporate taxes. There can be no growth and unemployment when the purchase power is continuously decreasing, where there lack of liquidity while banks demand all your assets as guaranty for even small business loans.
“Success story” = big FAIL