GSEE: Real unemployment nearly 30%

Organisation publishes a bleak report on Greek economy

The real unemployment in Greece approaches 30%, according to a study by the Labour Institute of the General Confederation of Greek Workers (GSEE). The organisation’s annual report showed that unemployment rates were 29.6%, while 68.9% of part-time workers responded that they were unable to find full-time jobs. The long-term jobless rate amounted to 70%, while female unemployment was much higher than male unemployment standing at 27.2%, compared to men (18.9%). Joblessness in the 15-24 age bracket was 44.2%, while 33.2% between the ages of 25 and 29 could not find a job. 21.5% aged between 30-44 were unemployed, while 18.5% aged between 45 and 64 were without work. The main conclusion of the report was that the ongoing fiscal policies of austerity could not maintain sustainable conditions of fiscal readjustment, while the Greek economy was in a state of fragile stagnation due to high uncertainty and drastic divestment. The organisation predicts Greece’s chances of entering the international markets are slim due to the current fiscal situation and the inability to limit the risks of a credit event.