Greek jobless all time high at 27.6%

Greek jobless all time high at 27.6%

Unemployment in Greece reached a record 27.6 per cent in May, the statistics office said Thursday.

Almost two-thirds of young people, 64.9%, were without a job.

The new figure was higher that the 27% rate recorded in April and the 23.8% in May last year.

The employment outlook remained bleak as the Greek economy was expected to contract by at least 4.5% this year, the central bank said.

Highly indebted Greece has been implementing unpopular austerity measures demanded by the European Union and International Monetary Fund in exchange for a multibillion-euro bailout. It is in its sixth year of recession.

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