Greece unemployment rate hits 27.2% in January

Newly-released figures show that the unemployment rate in debt-ridden Greece has hit a record high in January, with youth unemployment the highest of all the age groups.

Greece’s jobless rate reached 27.2 percent in January, up from 25.7 percent in December 2012.
The Greek youths aged 15 to 24 years old were hit the hardest with an unemployment rate reported at 59.3 percent in January.
The country’s unemployment rate stands at more than double the eurozone’s average unemployment reading of 12 percent, reflecting a deepening recession after years of austerity imposed under the EU bailout plan.
The Greek economy is in its sixth year of recession due to tax rises and spending cuts initiated by the European Union (EU) and International Monetary Fund (IMF).
The country’s business sector has contracted by 22 percent since 2008, with the economy expected to shrink 4.5 percent this year.
Greece has been at the epicenter of the eurozone debt crisis.