Greek unemployment rises to record 27.9 percent in June

ATHENS Thu Sep 12, 2013 5:10am EDT

People enter a Greek Manpower Employment Organisation (OAED) office in a northern suburb of Athens July 11, 2013. REUTERS/Yorgos Karahalis

People enter a Greek Manpower Employment Organisation (OAED) office in a northern suburb of Athens July 11, 2013.

Credit: Reuters/Yorgos Karahalis

ATHENS (Reuters) - Greece's jobless rate rose to 27.9 percent in June from 27.6 percent in May, reflecting the impact of a six-year, austerity-fuelled recession, the country's statistics service ELSTAT said on Thursday.

The reading was more than twice the euro zone's average of 12.1 percent in July, and the highest since ELSTAT began publishing jobless data in 2006.

(Reporting by George Georgiopoulos)

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Comments (1)
DeanMJackson wrote:
For those ignorant of economic policy, the first thing a central bank does to recover an economy experiencing a recession (recessions being caused by central banks purchasing government securities, which pumps counterfeit money into the economy) is to raise interest rates for the purpose of re-igniting net investment. But the European Central Bank refuses to do so, maintaining near zero percent interest rates, effectively sabotaging any recovery. The same is taking place in the United States, Great Britain and Japan, where the central banks of those nations too maintains near zero percent interest rates, preventing net investment in those economies.

Why the sabotage, you ask? To create a level technological playing field between the USSR/China and the West. New technological developments are devised via net investments, so with no net investments there’s no new technological advances.

For those new to this topic, Western political parties were co-opted decades ago by Moscow & allies, which is why Western politicians refused to (1) verify the collapse of the USSR, when the fate of the West depended on such verification; (2) inform their respective citizens that the collapse of the USSR was an obvious strategic ruse (where the “electorates” of the 15 “former” USSR republics are inexplicably “electing” for their respective presidents persons who were Communist Party members during the Soviet era!); and (3) why Western politicians will refuse to verify the upcoming fraudulent collapse of the Chinese Communist government.

Sep 13, 2013 1:13am EDT  --  Report as abuse
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