World Bulletin / News Desk
Greece's jobless rate scaled a new record high in April, data showed on Thursday, providing gloomy news for the hard-pressed coalition government that emerged from the country's rerun election in June.
Greece is suffering a fifth year of recession and depends on financial aid from the European Union and the International Monetary Fund, which have imposed budget cuts that have caused a wave of corporate closures and triggered job losses.
Unemployment hit 22.5 percent in April, up from an upwardly revised 22 percent in March, with 1.109 million people out of work, ELSTAT, Greece's statistics service said. It was a sharp rise from 16.2 percent in April last year.
"Some temporary support may be provided over the summer months, especially from the tourism sector," said Platon Monokroussos, an economist at EFG Eurobank.
"However, given the fact that the jobless rate is a lagging indicator of broader economic activity, unemployment may not have reached its peak yet."
The conservative-led coalition government is struggling to reconcile the need for painful austerity in line with its bailout deal from international lenders with the need to keep social peace among its recession-ravaged population. A deputy minister resigned on Monday saying the government was not pressing hard enough for relief from harsh bailout conditions.
Tourism, a key sector which accounts for about one in five jobs, is expected to turn out weak this year and revenue tumbled by 15.1 percent in the first quarter.
The sharp deterioration in the Greek labour market, coupled with steep cuts in pay and pensions prescribed by the European Union and International Monetary Fund, has fuelled growing social anger.
Unemployment in Greece is twice the average for the 17 countries sharing the euro, which stood at 11.1 percent in May, and is fast approaching that of Spain, which hit 24.4 percent in the first quarter.
More than half of Greeks aged 15-24 are without work.
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).