Greek Unemployment Tops 1.37Million, More Job Cuts On The Way

Another 729 Greeks lost their jobs in July, driving the total jobless to 1.37 million. The unemployment could rise further, as under the IMF bailout conditions Athens has to axe as much as 4,000 public sector jobs by the end of 2013.

Greece’s unemployment rate went up further in July to reach 27.6 percent, according to Thursday’s report by the country’s statistic service Elstat.

Unemployment in Greece remains the highest among the EU countries, with Spain (26.3 percent) and Cyprus (17.3 percent) following on the list of EU jobless.

Youth unemployment remains a big problem, as 55.1 percent of people under 25, are without a job.