Greek unemployment hits new record high in December at 21%

Friday, 9 March 2012 00:01 - - {{hitsCtrl.values.hits}}

ATHENS (Reuters): Greece’s jobless rate rose to a fresh record of 21 percent in December from 20.9 percent in November, statistics service ELSTAT said on Thursday, as the debt crisis and austerity measures took their toll on the labour market.

Budget cuts imposed by the EU and the IMF as a condition to save the debt-laden country from a chaotic default have caused a wave of corporate closures and bankruptcies. Greece’s average annual unemployment rate for 2011 jumped to 17.3 percent from 12.5 percent in the previous year, according to ELSTAT figures. Greek unemployment figures are not adjusted for seasonal factors. The average jobless rate in the 17 countries sharing the euro rose slightly in December to a seasonally adjusted 10.6 percent, from 10.5 percent in November.