Greece's unemployment rate rose to 27.6 percent in July - from a downwardly revised 27.5 percent in June - data by the country's statistics service (ELSTAT) showed on Thursday (October 10), as the labour market continues to buckle under austerity policies linked to the country's bailout.

The agency also revealed that the youth unemployment rate shot up in July 2013, up from 54.9% in July 2012 and an increase from 42.6% in July 2011.

Greek unemployment is more than twice the euro zone's average rate of 12.0 percent in August. The Greek rate has tripled since 2008, at the start of a recession and just before the debt crisis began.

With the economy suffering its sixth straight year of recession and 1.38 million people officially without jobs, the pain is felt across the board.

Athens is targeting a primary budget surplus of 1.6 percent of national output next year and is on track to post a small surplus this year. Attaining a primary surplus - excluding debt servicing costs - is key to helping Athens secure debt relief from its international lenders.

In its latest wave of reforms, the government is to sack 15,000 state workers by 2014. It is transferring another 25,000 state workers this year to other jobs. It is feared some of those transferred will end up being laid off as well.

Presented by Adam Justice

Read more: https://www.ibtimes.co.uk/greece-unemployment-jobs-european-union-elstat-512866

Unemployment IMF United Nations