Unemployment in Greece reaches record highs

Thursday 10 January 2013 10.44
Greek unemployment rate stood at 26.8% in October
Greek unemployment rate stood at 26.8% in October

Unemployment has reached new highs in Greece, with October 2012 figures showing the jobless rate at 26.8%, a major increase from the same month in 2011.

The country's Statistical Authority said that unemployment increased from the 26.2% rate in September 2012.

This marked a significant jump from the 19.7% of October 2011.

The young are the worst affected, with 56.6% of those aged between 15 and 24 out of work in October 2011.

Greece has been struggling through a severe financial crisis since late 2009, and has been dependent on international rescue loans since May 2010.

In return, the government has imposed strict austerity measures that have slashed salaries, increased taxes and plunged the country into a recession. Tens of thousands of businesses have shut down.