Unemployment in Greece reached 21.9% in March, which allows it to move into the club of EU nations with unemployment rates over 20%. Spain chairs the association. The Greek number was up from 15.7% just one year ago in the same month.
As hundreds of thousands of Greeks lose work the battle over whether its economy can ever be fixed will heat up. So will the belief that money put into Greece by its neighbors and the IMF is money wasted. Greece needs to withdraw from the eurozone, some critics say, and go through a period of deep depression to lower the expectations of its citizens by punishing them for past poor economic and financial habits.
But, the Greek numbers will also spur advocates of stimulus to view Greece as the perfect case for financial aid which is the only thing that can save it from an exit from the eurozone which experts believe could badly damage many of the region’s banks.
Douglas A.McIntyre
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