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Fri Jun 15, 2012 5:39PM
File Photo shows Greeks demonstrating against tough austerity measures.

File Photo shows Greeks demonstrating against tough austerity measures.

Greece’s largest trade union has warned that the crisis-hit country would risk losing about 1.5 million jobs by the end of the year, if it does not take “immediate and urgent measures.” “There has to be an immediate change in the production model and implementation of development policies to reduce the dramatic impact of the crisis,” the General Confederation of Greek Workers declared in a statement on Friday. The South European nation has suffered a steady growth in the country’s unemployment rate since the financial stagnancy battered the country’s economy roughly five years ago. While the country’s unemployment rate was recorded 15.9 percent in the first quarter of 2011, it currently stands at 22.6 percent, showing an approximate 6.7 percent increase. The EU-required austerity measures, aimed at addressing the country’s debt crisis, are believed to have noticeably contributed to the escalating unemployment rate with which the impoverished South European nation has been grappling for years. Greece has been the scene of numerous nationwide strikes and protests by the sacked workers, low-income workers and the students who have suffered the most the awful economic situation of the cash-stripped country. MY/SS