Unemployment in Greece hits record high

Unemployment in Greece has risen to a new record high of 27.6 per cent in May, leaving almost two thirds of young people without a job.

The jobless rate rose from 27% in April and 23.8 per cent in May last year. Young people were by far the worst affected, with unemployment among job seekers aged 15 to 24 standing at 64.9 per cent.

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Greece has been depending on funds from international rescue loans since May 2010, after years of profligate spending and fiscal mismanagement. In return, successive governments have imposed stringent austerity measures, including tax hikes and salary and pension cuts that have caused the economy to contract.