Every “solution” and new “rescue package” that have been rolled out by the politicians and beauracrats in Europe in the last two years have been specifically designed to save bankers and the politicians they have bought. It really is that simple. Your owners don’t give a fuck about you, your children, or future generations. They want your money and they want it now. They want more of it. They will throw you under the bus to get it.
Charts Of The Day: Greek Unemployment Hits Escape Velocity
Submitted by Tyler Durdenon 12/06/2012 08:09 -0500
It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest “Third Greek Bailout” projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month’s 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%.
So without further ado, here are the charts that summarize this.
Total workers employed:
Total workers unemployed:
And the unemployment rate:
And yes, by returning to the Drachma, Greece would at least have some chance of curing the unfixable internal and external imbalances, which unless resolved, will send this rate into the stratosphere, and a far bigger chart will soon be needed.
Source: ElStat
Stucky says:
Greece Schmeece.
The EuroZone is Dead Man Walking.
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6th December 2012 at 12:10 pm
llpoh says:
The charts above show Greek unemployment, number of workers, etc.
Here is the thing about Greece: there were never the number of workers shown. Never. Oh, sure, that number of people was getting paid. But they were not working. It is a country that ENTIRELY relied on government and public corruption, government handouts, etc., and the money came from shit for brains other countries that loaned them money.
What is happening is that now the ones that were not working, but were getting paid, are still not working, but now are not getting paid. Imagine that.
Greece entered the EU in 201, and began borrowing money by the tens of billions, and put huge numbers of govt employees on the govt payroll with the borrowed money (those employees are largely STILL on the payroll, as most of the unemployment has hit the private sector so far). Note the trend line for increasing employment.
You haven’t seen anything yet. The unemployment rate will skyrocket should access to the EU teat be eliminated. 50% will be the next target in that case. Oops. I guess corruption comes at a price.
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6th December 2012 at 7:22 pm