Recession in Greece Essay

Recession in Greece Essay

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1.0 Introduction
Greece’s unemployment rate has hit another highest record in May 2013, which is 27.6%. Greece continues to suffer jobless labour market from the deep recession. Among all the labour force aged 16-24, the rate is 64.9% as the Greece sees the sixth year of recession. Jobs of any kind are scarce in today’s Greece. Deep recession have swept away a quarter of the Greece’s GDP. Greece, the country of 11 million people has lost more than a million jobs as business shut down or lay off staff.
Greece’s government trying to impose stringent austerity measures such as tax hikes and salary and pension cuts that cause the economy to contract. Besides, the country has given another 6.8 billion euros in July from the European Union, The international Monetary Fund and European Central Bank. The money has strict conditions attract which demand that government debt level reduced. The focus of this report is discuss about what type of unemployment that cause the unemployment rate to hit the high record, current situation in Greece and the solution that government’s action taken.
2.0 Discussion
Unemployment is defined as person which is 16 years old and above, not in an institution, including school, jail, and hospital, not working and looking for a job for more than four weeks. Unemployment rate can be calculated by the number of people unemployed divide by the labour force multiple hundred. A high unemployment rate indicates an economy in recession with less job opportunity. This also affects the country’s gross domestic product because consumers are unemployed and no income which cause the decrease in consumption. The investments also decrease due to Eurozone financial crisis and receive an international bailout in May 2010....


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...p://roarmag.org/2013/05/europe-debt-crisis-youth-unemployment/ [Accessed: 27 Dec 2013].
EnetEnglish.gr. 2013. EU seeks solution for youth unemployment. [online] Available at: http://www.enetenglish.gr/?i=news.en.article&id=1024 [Accessed: 27 Dec 2013].
BBC News. 2013. Greek jobless rate hit record high. [online] Available at: http://www.bbc.co.uk/news/business-23620444 [Accessed: 27 Dec 2013].
Faris, S. 2013. Greece's Unemployed Young: A Great Depression Steals the Nation's Future. [online] Available at: http://www.businessweek.com/articles/2013-07-25/greeces-unemployed-young-a-great-depression-steals-the-nations-future [Accessed: 27 Dec 2013].
Mezzofiore, G. and Silvera, I. 2013. Greek Youth Unemployment Hits 55% as Labour Market Buckles. [online] Available at: http://www.ibtimes.co.uk/greece-unemployment-jobs-european-union-elstat-512866 [Accessed: 27 Dec 2013].

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