The EU is a failed state.
By Szu Ping Chan
August 8 (Telegraph) — Repeated doses of austerity under international bailouts have almost tripled Greece’s jobless rate since its debt crisis began in 2009, weighing on an economy in its sixth year of recession.
Unemployment rose to 27.6pc in May from an upwardly revised 27pc in April, according to data from statistics agency ELSTAT. This is more than twice the average rate in the eurozone, which stood at 12.1pc in June, and is the highest reading since Greece’s statistics office began publishing monthly jobless data in 2006.
This means there are now almost 1.4m people out of work in Greece, and 3.3m people who are considered economically inactive.
Joblessness in the 15-to-24 age group jumped to 64.9pc, from 57.5pc in April.
Greek prime minister Antonis Samaras will hold talks with US President Barack Obama later on Thursday.
Mr Samaras is keen to secure US approval for stimulus policies for Greece’s recession-hit economy, in contrast to the austerity emphasis preferred by many of its European partners, most notably Germany.
In an interview with Greek newspaper Kathimerini, US vice president Joe Biden said America had “a stake” in Greece’s economic recovery and wanted the crisis-hit nation to stay in the eurozone.
“The administration has always taken the view that it’s overwhelmingly in our interest to have Greece remain a strong and vital part of the eurozone,” he said.
“We have a stake in Greece’s success,” Mr Biden added.