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.
OPEC's influence is waning as it fails to cut production Thursday amid falling oil prices, while divisions between its member states deepen, experts say.
A controversy surfaced recently after the Public Account Committee (PAC) released a report accusing senior government officials of having fraudulently authorized payment of at least $122 million of public funds to a private company
Venezuelan Foreign Minister Rafael Ramirez left the meeting visibly angry and declined to comment on the outcome.
A number of potential deals under discussion in recent months could benefit from concessional financing from Tokyo.
The WTO has lurched from one disappointment to another over the past decade as it tries to find a balanced trade deal that all its members, now numbering 160, could support.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.