The Greek tragedy is not over yet. And the latest employment data do not bode well for a sudden improvement. The labor market in Greece is in great deterioration with unemployment increasing by 44,1% in 2011, about 1,25 million more jobless. In the fourth quarter alone, unemployment reached 20,7 percent, against 17,7% in the previous three months and 14,2% in the same period of 2010. It is the highest figure since 1998. The data were disclosed by the Hellenic Statistical Agency, while Eurostat has published the data on the situation in Europe. As in many other European countries, young people are the most affected segment of the population, with unemployment reaching almost 40%.
At the same time, employment levels also contracted, recording a contraction of 3,6% compared to the third quarter and 8,5% compared to the fourth quarter of 2011. The Greek agency counted 3,932 million employed.
