Greek Youth Unemployment Tops 60%
by Tyler Durden
ZeroHedge.com
02/14/2013
Optimism it seems is all that matters (or is all that is allowed) as we are battered by dismal data left, right, and center. Of course, a reflection on the markets tells any ‘smart’ person that it all must get better – or why would stocks or sovereigns, or EURUSD be where it is? However, the 6 out of 10 15-24 year olds in Greece (61.7% to be exact) would beg to differ with that view of the world (as their economy grinds to a halt) – and with Spain reaching new highs at 55.6% (as well as the Euro-zone over 24%), all the bureaucratic lip-service in the world won’t stop the revolt that is coming we fear.
The Rest…HERE
These numbers are partially correct. The actual official number was announced yesterday (Feb 15) at 61,8%. Don’t forget that all eligible males in the Hellenic republic must serve in the armed forces (aprox 100-110.000) at the age of 18 or as soon as they complete their higher education (and they’re NOT included in the unemployment figures). Also the mumbers don’t reflect the fact that the employed 38% of ages 18-25 receive a minimum wage of 511 euros (before taxes and dues) and usually are underpaid (300-400 euros monthly) and overemployed. Minimun wage for ages over 25 at 586 euros (again before taxes and the rest). At the end of the day, the only number that really matters is the position Greece just gained in the World Misery Index. The only entity left that still functions properly is the Orthodox Church