Essay --

INTRODUCTION For this assignment, I will be focusing on the unemployment situation in Greece. The reason why I choose unemployment in Greece is because the country is facing a  ­Ã‚ ­Ã‚ ­high unemployment rate of at least 27.8% in October 2013, the highest jobless rate in the entire area of Europe. Greece high unemployment started as early as 8.5% in 2009. This is the sixth year that Greece has seen its recession. Unemployment in Greece is also a major problem for the economy as this will decrease the production rate of the country therefore lowering the country’s GDP CAUSES OF UNEMPLOYMENT: The country now has 1.5 million of its population with no jobs. In the 27.8% of population being unemployed, 64.9% of the population are youth between the age of 15-24 years old. Greek youth unemployment has reached to the highest percentage of at least for the last six year, reaching the highest record for the last decade. Greece is in a debt crisis after the election on 2009 which resulted the opposition Pasok socialist party to win, making George Papandreou to takes over as new prime minister. On January – March 2010, the government announces of 2 more austerity measures. Austerity measures are official actions being taken by the government during the period of adverse economic situation. It is to reduce budget deficit by using a combination of spending cut or increasing the tax. However the austerity measures are resulted by facing a mass protests and strikes by the public. The strikes grew as big as 10 thousand people in early 2011. On the February of 2011, the protester s march on to parliament to counter government efforts to pass on the new austerity laws. Majority of the protesters are students between the ages of 15-24 who are lookin... ...vicious cycle ends in 2014. Greece will return to the markets, it will start to become a normal country again. The debt will be declared viable, without the need of loan agreements, without the need to borrow money," The government officials also mention that the country’s largest tax dodgers owe around â‚ ¬13 billion in unpaid tax. CONCLUSION In conclusion, I would assume that the economy crisis in Greek will not end quickly. The worst of Greek economy may probably be over, but the recovery will still need some years. The governments are still attempting to solve the economic crisis and the population are still attempting to seek for work. Greece debt issue and unemployment should start to fall in 2014, and may even have economic growth by the end of 2014. And if the tax dodger would not avoid paying their taxes, the economy condition may recover a lot faster.