The Interminable Rise of Greek Youth Unemployment

In May Greek youth unemployment was almsot 65%, in June it showed a slight "improevment" falling to 58.8%.

However, when compared to previous years the level of youth unemployment has worsened (as per Efthimia Efthimiou):

- June 2012 it was 54.8%
- June 2011 it was 44.4%
- June 2010 it was 31.3%
- June 2009 it was 23.2%
- June 2008 it was 20%

Levels of unemployment such as this are normally associated with third world countries in the midst of a civil war, or the equivalent. Yet Greece is, allegedly, a first world country and is meant to be an "equal" member of a powerful and prosperous economic block (ie the Eurozone).

The reality is that Greece is not treated as an equal, it should never have joined or been allowed to join the Eurozone and the prosperity within the Eurozone is not evenly spread but confined to the wealthy Northern economies.

As such it is clear that as an experiment the Eurozone is destined to fail, indeed the world will be a better place without it. However, with levels of unemployment such as this in Greece the real danger is that of a plague of dictatorships and civil unrest spreading country by country in the Southern members of the Eurozone.

In order to survive as a democracy and civilised society Greece needs to exit the Eurozone now, others such as Cyprus need also to consider their positions. 

Unemployment Falls as Estate Agents Hire Staff

As I have noted before, the British economy is driven by the property market and people's confidence (usually misplaced, given that property prices are relative) that an increase in house prices is an increase in personal liquid wealth.

Thus it should come as no surprise to see that today's announcement that unemployment dropped to 7.7%, from 7.8% in the three months to April, is largely due to an upturn in confidence in the property market.

Overall 80,000 jobs were created over the period, significantly above the predictions by "experts" and economists of an increase of 55,000. However, accounting for a large part of this 80,000 increase was a rise in the number of "real estate" jobs (on the back of a surge in confidence in the property market) of 50,000.

NB: "Real estate" jobs are in the main estate agents.

Greece Imploding

Greece is continuing on its downward spiral to financial implosion.

To add to the woes of the good people of Greece, on top of last week's truly shocking youth unemployment statistics (close to 65%), Reuters reports that Greece's economy shrank at annual pace of 4.6% in the second quarter, contributing to a slump of more than 20% in real terms since 2008.

Ironically, in the delusional world of economists, these figures were slightly better than the 5% contraction forecast.

Delusions aside, Der Spiegel has blown the whole charade of bailing out the Greek economy wide open. It quoted an internal document prepared by the Bundesbank as saying that Europe "will certainly agree a new aid programme for Greece" by early next year at the latest.

The Bundesbank also described the risks associated with the existing aid package for Greece as "extremely high", and said the approval last month of a 5.8 billion euro aid instalment to Athens had been "politically motivated".

As I have noted many times before, in order to survive as a democracy and civilised society Greece needs to exit the Eurozone now; others such as Cyprus need also to consider their positions. 

Greek Youth Unemployment Close to 65%

Youth unemployment in Greece has risen to a shocking 64.9% in May.

Levels of unemployment such as this are normally associated with third world countries in the midst of a civil war, or the equivalent. Yet Greece is, allegedly, a first world country and is meant to be an "equal" member of a powerful and prosperous economic block (ie the Eurozone).

The reality is that Greece is not treated as an equal, it should never have joined or been allowed to join the Eurozone and the prosperity within the Eurozone is not evenly spread but confined to the wealthy Northern economies.

As such it is clear that as an experiment the Eurozone is destined to fail, indeed the world will be a better place without it. However, with levels of unemployment such as this in Greece the real danger is that of a plague of dictatorships and civil unrest spreading country by country in the Southern members of the Eurozone.

In order to survive as a democracy and civilised society Greece needs to exit the Eurozone now, others such as Cyprus need also to consider their positions.