Greece’s woes continue as unemployment rate hits 10.6%

| February 11, 2010 | 0 Comments
Greece's woes continue as unemployment rate hits 10.6%

Greece’s national statistics service, NSS, has today revealed the country’s unemployment rate rose from 9.8% in October to 10.6% in November.

There are now more than half a million people unemployed in the country.

The figures come prior to the EU summit meeting in Brussels today, which will see European leaders discuss the issues facing Greece.

Greek Prime Minister, George Papandreou, recent announced tough austerity measures to tackle the country’s spiralling debt. Measures include a public sector pay freeze, a hike in taxes and an increase to the retirement age.

Greece’s runaway budget deficit is currently more than four times the EU limit of 3%. It currently has the highest debt of the 16-member bloc and its economy is considered to be the euro zone’s weakest.

In related news today, the Spanish economy is still in recession after the economy contracted by 0.1% in the fourth quarter of 2009 - the seventh consecutive quarter of contraction.

The figures from the INE, the national statistics agency, show that Spain is now the last major economy still in recession.

The Spanish economy, which is the euro zone’s fourth largest, has the highest rate of unemployment within the 16-member bloc.

Spain’s unemployment rate currently stands at 19.5%, against a rate of 10% within the euro zone as a whole. The country has been hit by a severe slump within the construction industry, which has led to a significant amount of job losses.

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