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 day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44
The International Energy Agency also said production by the OPEC cartel and its allies fell in August and compliance with their pact to cut supply to the markets increased.
BIST 100 index rises 0.11 pct while US dollar/Turkish lira rate stands around 3.40