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GREECE“We Want to Work!”Veny Adilia Puspasari | Humanities 10 | Nov. 06, 2012

(ATHENS, Greece) - Just when you thought it couldn't get much worse for Greece, its unemployment rate jumped.

Greece set the record of the unemployment by stating 25.1% in July. More than 1,000 jobs lost every day over the past year. In the worst-affected 15-24 age group, unemployment was 54.2 percent. In July 2008, a year before Greece’s acute financial crisis broke, there were only about 364,000 registered unemployed.

With austerity cuts continuing and Greece likely to enter another year of recession, the level may rise further.

This act of reducing the amount of benefit and public service; austerity is used to reduce the deficit spending. unfortunately, it is coupled with increases in taxes that indicating the long-term solvency to creditors. With austerity continues to shine, Greece is likely to enter another year of recession.

Finance Minister Yiannis Stournaras hold talks Thursday evening with representatives of the European Union, International Monetary Fund and European Central Bank to sign off the package for the release of the funds.Some evidence showed on Thursday that the government’s strategy is working on one front, at least. Finance Ministry figured that the effort to minimize deficit is on track despite lower-than-anticipated revenues.

"They point to the fact that before Greece was bailed out in April 2010, and began its austerity drive, unemployment stood at just 11.8%," he said.

http://www.zerohedge.com/news/economic-death-greek-unemployment-rises-1-one-month

The ministry figures showed that the January-September deficit was 12.64bn euros, lower than the 13.5bn-euro target.

However, indications are pointing that unemployment rate in Greece will continue to rise. The Greek economy has decreased since the recession started in 2008 and youth unemployment has reached above 50 percent. The economy is expected to enter a sixth year of recession next year. “This is a very dramatic result of the recession,” said Angelos Tsakanikas, head of research at Greece’s IOBE economic research foundation.

The conservative-led government is currently in negotiations with the country's creditors over another raft of austerity measures, worth €13.5 billion ($17.4 billion) over the next two years, so it can get the next batch of bailout funds. However, this resulted in Greece to have certain periodic conditions in order to be eligible for the handouts.Without the money, Greece won't be able to pay all its financial obligations and debt and this will result by Greek leaving the euro.

The Greek jobless rate is now head-to-head with fellow euro zone sufferer Spain, whose unemployment rate stood at 25 per cent in July and had been the highest in the euro zone, according to Eurostat figures. It is more than double the euro zone average unemployment rate of 11.4 per cent in July.

Greek Manpower Employment Organization or known as OAED was crowded by people who were desperate for jobs. The picture spoke for itself that everybody was willing to wait for so long, so that they had the chances to speak to the representative of OAED. The organization

operates based on these pillars; (i) promotion to employment; (ii) unemployment insurance and social protection of maternity and family; (iii) vocational education and training.When the rates of unemployment reached 50%, this is the only hope for people to earn money, whether it's from the employment or from their insurance.

This picture is chosen since it's perfect in projecting the situation that is happening now in Greece. The reason behind this occurrence is because the Government failed in dealing their monetary crisis. This opinion is supported by the video I found which stating that the Government was selling the country off.

The video was about a protest to the Government about the depressing situation of Greece where the rate of unemployment hits the unbelievable number. The girl that was interviewed, talked about how people in higher level in education can’t get a job so let alone people with basic knowledge. They can’t do anything and that is why they do this

http://ermionida1.blogspot.com/2012/01/4_04.html

demonstration. They want the government to listen to them and not betray them. Another source, a senior man, talked about how they wanted to do this peacefully, “What we’re trying to do here is to protest and try to get the politician to stop this before it’s too late.” He also stated that the government was selling Greece off. A lot of people are willing to work for underpaid salary, even him, how lives an hour walking distance form the beach, can actually live by collecting natural sources. But he refused, as he said, “I wanna work. Not just me, everybody else, we want to work.”

The online source that is selected is reliable because it is taken from the protestors on the field. This is the perfect media (youtube) to spread the massage because it is world wide, everybody can have an access and it’s free.

In the defense of Greek Government, The European Commission president, José Manuel Barroso said that "We are working towards development and job creation. We want to reset the "social dimension" in Europe." he also adds that the main principles of our work are as justice, solidarity and fairness. There is no easy way out of the crisis. We need the right combination of fiscal consolidation and integration within the EU, and balancing markets in the eurozone.

Greece was living beyond its means even before it joined the euro. money flowed out of the government's coffers. Public sector wages, for example, rose 50% between 1999 and 2007 - far faster than in other eurozone countries. Its income was hit by widespread tax evasion. But then, after years of overspending, its budget deficit - the difference between spending and income - spiraled out of control. and it is worsen when the global financial hit. Greece wasn't prepared for this condition.

Debt levels reached the point where the country was no longer able to repay its loans, and was forced to ask for help from its European partners and the International Monetary Fund (IMF) in the form of massive loans.

In the short term, Greece was able to mend this broken link. however, it won't stay for much longer if they don't gain they own money.

Work Cited:

1. "Austerity." Wikipedia. Wikimedia Foundation, 11 Jan. 2012. Web. 18 Nov. 2012. <http://en.wikipedia.org/wiki/Austerity>.

2. "Barroso: We Are Working Towards Development and Job Creation." Skai.gr. Skai.gr, 18 Oct. 2012. Web. 31 Oct. 2012. <http://www.skai.gr/news/politics/article/215147/barozo-ergazomaste-pros-tin-kateuthunsi-tis-anaptuxis-kai-tis-dimiourgias-theseon-ergasias/>.

3. CNN: Greek Protesters: 'We Want to Work' Prod. Nick Scott and Trevor Green.YouTube. CNN.com, 29 June 2011. Web. 31 Oct. 2012. <http://www.youtube.com/watch?v=NN3Qq5frH-s>.

4. Durden, Tyler. "The Collapse Continues: Greek Unemployment Rises For 35th Consecutive Month, Passes 25%." ZeroHedge. N.p., 11 Oct. 2012. Web. 18 Oct. 2012. <http://www.zerohedge.com/news/2012-10-11/collapse-continues-greek-unemployment-rises-35th-consecutive-month-passes-25>.

5. "Eurozone Crisis Explained." BBC News. BBC, 22 Aug. 2012. Web. 31 Oct. 2012. <http://www.bbc.co.uk/news/business-13798000>.

6. "For the Unemployed." About the Organization. N.p., n.d. Web. 01 Nov. 2012. <http://www.oaed.gr/en/>.

7. "Greece Unemployment Hits a Record 25% in July." BBC News. BBC, 11 Oct. 2012. Web. 18 Oct. 2012. <http://www.bbc.co.uk/news/business-19911058>.

8. "Greek Unemployment Rises Above 25 Percent." TIME.com. N.p., 11 Oct. 2012. Web. 19 Oct. 2012. <http://world.time.com/2012/10/11/greek-unemployment-rises-above-25-percent/>.

9. "Greek Unemployment Rate Hits 25.1 Percent in July as Recession Heads for Sixth Year." Fox News. FOX News Network, 12 Oct. 2012. Web. 19 Oct. 2012. <http://www.foxnews.com/world/2012/10/11/greek-unemployment-rate-hits-251-percent-in-july-542-percent-for-young-people/>.

10. "In-Ermionida News." N.p., n.d. Web. 01 Nov. 2012. <http://ermionida1.blogspot.com/2012/01/4_04.html>.

11. Ro, Sam. "YIKES: Greece's Unemployment Rate Just Got More Horrifying." Business Insider. N.p., 11 Oct. 2012. Web. 18 Oct. 2012. <http://www.businessinsider.com/greek-unemployment-rate-251-percent-2012-10>.

12. Sedghi, Ami. "Greek Unemployment: How Bad Is It for Youths?" The Guardian. Guardian News and Media, n.d. Web. 18 Oct. 2012. <http://www.guardian.co.uk/news/datablog/2011/aug/04/greece-youth-unemployment-rate>.

13. "The Globe and Mail." The Globe and Mail. N.p., 11 Oct. 2012. Web. 19 Oct. 2012. <http://www.theglobeandmail.com/report-on-business/international-business/european-business/greek-unemployment-scales-new-high/article4603769/>.