New official data show that Greece has the highest unemployment in the European Union(EU) amid deteriorating economic situation and public discontent across the 28 - nation bloc.
The data released by EU statistics office Eurostat on Friday revealed that the jobless rate in Greece stood at 27.6 percent in May. The EU agency further stated that the youth unemployment in the recession-ravaged country stood at a record high of 62.9 percent in the same month. Greece has been dependent on bailout funds from international rescue loans approved by the troika of international creditors-- the EU, the European Central Bank (ECB), and the International Monetary Fund (IMF) -- since May 2010. The Greek economy is in its sixth year of recession due to fiscal mismanagement, resulting in tax rises and spending cuts. Meanwhile, the latest data showed that many EU countries remain mired in recession as 26.654 million men and women were jobless in July. The number of unemployed people increased by 995,000 people compared with the same month in 2012. Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.