Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/8/2012 (3 years ago)

Catholic Online (www.catholic.org)

Unemployment is hardest among Greek youths, seeking work for the first time

Greek unemployment hit a new record of 25.4 percent. That figure represents studies conducted in August as five years of recession and government spending cuts have continued onward. Young people, in particular those who are seeking work for the first time, were among the hardest hit.

Greece has already received two financial bailouts from international creditors. The payments of funds under the second program were suspended earlier this year after Athens fell behind its fiscal targets.

Greece has already received two financial bailouts from international creditors. The payments of funds under the second program were suspended earlier this year after Athens fell behind its fiscal targets.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/8/2012 (3 years ago)

Published in Europe

Keywords: Greece, youth, unemployment, malaise, joblessness, austerity


LOS ANGELES, CA (Catholic Online) - The Greek statistics office ELSTAT said the seasonally-adjusted jobless number rose to 1.27 million in August, which was up 352,000 from the same month a year earlier. In July 2012, jobless figures were set at 24.8 percent.

Nearly six in 10 workers under the age of 24 are now without a job and a third of workers aged 25-34 are unemployed, ELSTAT said.

These statistics paint a grim graph of the social cost of a recession that has cut the size of the Greek economy by about 20 percent since 2008. The Greek government has desperately tried to rein in its soaring budget deficit, projected to hit 190 percent of gross domestic product in 2013.

Greece has already received two financial bailouts from international creditors. The payments of funds under the second program were suspended earlier this year after Athens fell behind its fiscal targets.

The Greek parliament approved a further round of labor market reforms and spending cuts this week in the face of angry protests by tens of thousands of Greeks, furious at years of belt-tightening that have slashed the living standards for many of Greece's population of 10 million.

It's estimated that nearly three in 10 people are now materially deprived in one way or another, up by nearly 50 percent since before the crisis hit.

A revised 2013 budget, coupled with new austerity measures both require parliamentary support if Greece is to stand any chance of receiving the next 31.5 billion Euros in bailout funds from the EU, European Central Bank and International Monetary Fund.

The budget will be debated this weekend. Eurozone finance ministers could agree as early as next week to give Greece two more years to meet its fiscal targets, paving the way for release of the bailout money, which would avert the nation's insolvency. Most agree that Greece's exit from the eurozone would be catastrophic, with a domino effect for other likewise financially ailing nations such as Spain and Ireland. 

Critics of the government argue that the austerity measures are pulling Greece into a downward spiral of economic contraction and impoverishment. The economy is forecast to contract by 4.5 percent in 2013, a sixth straight year of recession.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for April 2016
Universal:
Small Farmers: That small farmers may receive a just reward for their precious labor.
Evangelization: African Christians: That Christians in Africa may give witness to love and faith in Jesus Christ amid political-religious conflicts.



Comments


More Europe

Vatican under investigation - 5,000 bank accounts closed Watch

Image of Vatican auditors make move after three-year investigation (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Vatican auditors closed nearly 5,000 suspected Vatican bank accounts on suspicion of tax evasion. LOS ANGELES, CA (Catholic Online) - The scandal includes a three-year investigation of 544 suspected transactions mainly involving tax evasion.To meet international ... continue reading


MASONS HACKED! Secrets of the Masons spilled - French media to expose highest-ranking Masons Watch

Image of The Masons have been hacked. A secret dump of documents will reveal their secrets to the world.

By David Drudge (CALIFORNIA NETWORK)

Hackers have just released thousands of documents in a new document dump to the media, this time, they contain the secrets of the Masons. The data dump is known as "Masonleaks" and journalists say it will take several months to complete their review of the documents. ... continue reading


Belgian minister warns against offending Muslims, wait until you see the scary reason why! Watch

Image of Muslims take over a Parisian street for prayers.

By David Drudge (CALIFORNIA NETWORK)

A Belgian minister has a telling warning for his country as hearings begin into the Brussels attack that killed 32 people at an airport in March.  The reason for the warning is quite compelling. LOS ANGELES, CA (California Network) - A Belgian minister is warning ... continue reading


Women sentenced to three months for self-induced abortion in Northern Ireland Watch

Image of There are better solutions than abortion.

By Marshall Connolly (CALIFORNIA NETWORK)

A woman in Northern Ireland has been convicted of aborting her child, and sentenced to a three-month, suspended jail sentence. The woman left her baby in a trash bag for eight days until police were contacted. The case has sparked renewed debate over abortion in ... continue reading


World's worst nuclear catastrophe commemorated 30 years later (WARNING: DISTURBING IMAGES) Watch

Image of The Ukraine commemorates the 30th anniversary of Chernobyl's explosion.

By Kenya Sinclair (CALIFORNIA NETWORK)

Thirty years after the greatest nuclear disaster the world has ever seen, Ukrainians solemnly commemorate the 1986 Chernobyl nuclear power plant accident. LOS ANGELES, CA (Catholic Online) - The meltdown at the Russian plant began when an uncontrolled reaction ... continue reading


LISTEN NOW: Stolen manuscript reveals song not performed for 1,000 years Watch

Image of One Cambridge researcher admitted the music was nearly tangible (YouTube).

By Kenya Sinclair (CALIFORNIA NETWORK)

A Cambridge researcher and world-class medieval music performer combined their talents to perform an ancient song for the first time in over 1,000 years. LOS ANGELES, CA (Catholic Online) - The music, titled "Songs of Consolation," was performed for the first time on ... continue reading


What's 'Hijab Day' and why is it causing a 'FREAK OUT' in France? Watch

Image of French students held a Hijab Day to raise awareness of discrimination against women (Styles Glamor).

By Kenya Sinclair (CALIFORNIA NETWORK)

Students from the French university Sciences Po Paris held a Hijab Day to raise awareness of the discrimination and verbal abuse Muslim women face every day - and it went exactly how you might expect. LOS ANGELES, CA (Catholic Online) - With the influx of Muslim ... continue reading


MASS TOURIST ATTACK: ISIS to plant bombs in Europe's most popular beaches Watch

Image of ISIS threatens popular beach resorts (Express).

By Kenya Sinclair (CALIFORNIA NETWORK)

German and Italian intelligence agencies discovered ISIS' plan to pose as refugees to detonate bombs and suicide vests buried beneath lounge chairs across Spanish, French and Italian beaches this summer. LOS ANGELES, CA (Catholic Online) - According to the Mirror, ... continue reading


Norwegian mass murderer Anders Breivik wins human rights case. See the 'inhumanity' of Norway's prison system (PHOTOS) Watch

Image of Breivik has won a case that his solitary confinement and other conditions of his imprisonment are 'inhumane.'

By David Drudge (CALIFORNIA NETWORK)

The conditions that Norwegian mass murderer Anders Behring Breivik have been subjected to are inhumane, according to a Norwegian court. Breivik was convicted of killing 77, and injured 319. Many of his victims were children. LOS ANGELES, CA (California Network) - Life ... continue reading


Why is the Trevi Fountain being dyed blood red? Watch

Image of

By CNA/EWTN News

On April 29, the Trevi Fountain, one of the most popular and emblematic tourist spots in Rome, will be dyed red in recognition of all Christians who even today give their life for the faith.  Rome, Italy (CNA/EWTN News) - The event is being organized by Aid to the ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, Acts 16:1-10
1 From there he went to Derbe, and then on to Lystra, where there was a ... Read More

Psalm, Psalms 100:1-2, 3, 5
1 [Psalm For thanksgiving] Acclaim Yahweh, all the earth,2 ... Read More

Gospel, John 15:18-21
18 If the world hates you, you must realise that it hated me before it ... Read More

Saint of the Day

Saint of the Day for April 30th, 2016 Image

St. Pius V, Pope
April 30: Pope from 1566-1572 and one of the foremost ... Read More