Tags: EU | Greece | Bailout

Greek Joblessness May Take 20 Years to Reach Pre-crisis Rate

Thursday, 17 March 2016 09:24 AM EDT

ATHENS, Greece (AP) — Greek unemployment increased to 24.4 percent in the last three months of 2015, as a leading labor union warned that joblessness will not return to pre-crisis levels for at least 20 years.

The country's statistical authority says 1.17 million people were out of work in October-December 2015, a 1.2 percentage point increase over July-September of last year.

Also Thursday, the GSEE umbrella private sector union said it doesn't expect unemployment to return to pre-crisis levels of just over 7 percent until 2036. A GSEE study described labor market conditions as "dramatic," noting that 74 percent of jobless Greeks have been unemployed for more than a year.

The study also lamented the deterioration in job quality, saying 55 percent of 2015 hirings offered flexible rather than full-time contracts.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
Greek unemployment increased to 24.4 percent in the last three months of 2015, as a leading labor union warned that joblessness will not return to pre-crisis levels for at least 20 years.The country's statistical authority says 1.17 million people were out of work in...
EU,Greece,Bailout
130
2016-24-17
Thursday, 17 March 2016 09:24 AM
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