Greek unemployment hits new record high

PanARMENIAN.Net - Unemployment in Greece has risen to a new record high of 27.6 percent in May, up from 23.8 percent in the same month last year, according to The Associated Press.

The Hellenic Statistics Authority said Thursday, Aug 8 the jobless rate rose from 27 percent in April this year. Young people were by far the worst affected, with unemployment among job-seekers aged 15 to 24 standing at 64.9 percent.

Greece has been depending on funds from international rescue loans since May 2010, after years of profligate spending and fiscal mismanagement left it with a massive budget deficit. In return, successive governments have imposed stringent austerity measures, including tax hikes and salary and pension cuts.

The country is currently in the sixth year of a deep recession.