Tuesday Sep 04, 201204:27 AM GMT
Greece's unemployment rate to hit 29% in 2013: Union
Greek construction workers protest against austerity measures and unemployment in their sector in Athens, Greece, April 4, 2012.
Greek construction workers protest against austerity measures and unemployment in their sector in Athens, Greece, April 4, 2012.
Tue Sep 4, 2012 3:3AM
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Greece's largest labor union says the country’s unemployment rate will be likely to increase to 29 percent in 2013 if the government implements more planned austerity measures.


"Our estimate is that in 2013, unemployment will be between 28 percent and 29 percent, more than 1.4 million people. That's because we expect the economy to remain in decline," the Economic Times quoted Savvas Rombolis, the head of research at the GSEE labor union, as saying on Monday.

Rombolis said the predictions will be published in a report on Thursday.

Greece’s unemployment in May reached 23.1 percent, with the jobless rate for people aged under 25 hitting 54.9 percent.

The European Union and the International Monetary Fund (IMF) have offered Greece two rescue packages in return for specific austerity measures, which include the cutting of public sector salaries and pensions, increasing taxes, and overhauling the pension system.

The country has promised to cut more than USD 14 billion off its spending over a two-year period starting from 2013 in order to get bailed out by other eurozone countries and the IMF.

In late September, a team of auditors from the European Commission, the IMF, and the European Central Bank will present their findings on whether Greece has done enough to receive further financial aid.

MN/HJL
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