Unemployment rate will jump above 20% in 2012!

With their backs up against the wall and their daily routine at work resembling a “jungle” full of wild animals ready to swallow them, Greek employees are not even twitching an eyelid so as to avoid the generalised wave of layoffs.

According to private sector employees’ umbrella union GSEE data on Greek economy, about to be presented at the TIF, in September the official unemployment rate will be reaching its peak after the end of the summer period, rising to 18%. Moreover, along with the unofficial numbers, it will go even above 23% or 24%, reaching the levels of 1961, when Greeks were emigrating abroad after the total economic destruction that the Civil War (1946-1949) in the country had brought about.

Apart from the galloping unemployment, there are also plenty of cases of uninsured employees, a rate that reaches 35% of the overall official workforce in Greece.

Unfortunately, the GSEE data proves that local market capacity is losing ground as compared to the 15 most developed countries of the EU; Greece stands at 75,9%, from 84,5% in 2009. This means it has lost all the financial gains of the past 10 years after its accession into the Eurozone.