World Bulletin / News Desk
Greek unemployment rose by almost a full percentage point in June, leaving close to a quarter of the workforce idle, as Athens struggles to find yet more austerity measures to appease its lenders.
The jobless rate rose to 24.4 percent from a revised 23.5 percent in the previous month, statistics service ELSTAT said on Thursday.
The Greek jobless rate is now just a fraction behind the level in fellow euro zone sufferer Spain, whose unemployment rate for the three months to June stood at 24.6 percent, according to Madrid's official figures.
A total of 1.2 million Greeks were without work in June, up 42 percent from the same month last year.
Budget cuts imposed by the European Union and the International Monetary Fund as a condition for saving the debt-laden country from a chaotic default have aggravated a wave of corporate closures and bankruptcies.
Credit to companies has been shrinking as the country's banks depend on the ECB for liquidity and cannot fund firms.
The impact has been felt hardest on those aged between 15-24 years. Unemployment in that age group stood at 55 percent, compared with 20 percent in 2008, when Greece's recession began.
Greece's economy is estimated to have shrunk by about a fifth since then. More than 600,000 jobs, more than one in 10, have been destroyed in the process.
The slump is expected to accelerate later this year if the government implements further budget cuts of almost 12 billion euros over the next two years as a pre-condition for more funds under its EU/IMF bailout.
The 21-member Asia-Pacific Economic Cooperation (APEC) bloc said they would advance structural reforms to unleash new sources of growth.
Ukraine needs to pay its previous debt to Russia by the end of the year and pay in advance for getting new volumes of natural gas
The loss of Khafji's 280,000 barrels per day of Arabian Heavy crude will be felt more in Kuwait, which has far less spare output than its neighbour
Under Lufthansa's proposals, pilots would still be able to retire early, but the age would gradually increase to 60 from 55.
Labor tension on the rise as high inflation reduces spending power.
Third quarter growth was lowest in more than five years, threatening annual target
De Margerie was killed when a business jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport overnight, the company and airport officials said.
Stabilised political and security situation, the launch of government initiatives toward fiscal consolidation and strong support from external donors are some of the reasons given for improved economic outlook.
Norway will not supply gas to Europe in case of supplies being cut by Russia, says Norwegian Energy Minister Lien
A fall in global oil prices, down more than 20 percent from this year's June high, means that ending costly diesel subsidies will save the government money without hurting consumers.
EU officials said the gas talks would continue in Brussels next week, with Poroshenko telling reporters that the financing still needed to be resolved.
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Fall in crude oil prices will effect Iran's oil industry more than Western sanctions
Widodo currently plans to raise the price of both gasoline and diesel by 3,000 rupiah ($0.25) per litre by November, the advisor said.
Mario Pezzini and Romano Prodi jointly emphasized that Africa should be of priority for European Union’s future development policies.
Analysts say that some form of disruption of Russian flows to the EU is likely this winter