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Economic recession sharply raises unemployment in Greece

Higher indirect taxes and particularly a rise in GST rates from 11 to 13% will lead to a deeper economic recession in the country with a direct impact on labor and a dramatic increase in unemployment, GSEBEE, one of the main Greek trade unions said on Thursday.

GSEBEE, in an announcement, stressed that the consequences of this economic policy would also negatively affect state revenues.

The union noted that according to Hellenic Statistical Authority figures, unemployment soared to 12.2 pct in August 2010 from 9.0 pct in August 2009, while an analysis of the labor market estimated that around 120,000 job positions would be lost in the second half of 2010. GSEBEE said that job losses could reach 200,000, totaling 300,000 if included self-employed and employers.

The union said the current unemployment increase was definitely linked with economic recession and could only be combatted through anti-cycle policies (public investments) or through a radical redesigning of job policies in the country.

The Cyprus
 News Agency


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