Satellite Satellite

Greece's financial woes continue

Greece's financial woes continue

POSTED: Thursday, June 7, 2012 - 8:30am

UPDATED: Thursday, June 7, 2012 - 8:34am

Greece's unemployment rate shot up to 21.9% in March, rising sharply from the 15.7% rate in the same month last year. Greece has been struggling through a financial crisis for the past two years, and has been relying on billions of dollars in international rescue loans from other Eurozone countries and the International Monetary Fund since May 2010.

In return, it has made deep spending cuts and imposed major tax hikes, leaving the country mired in a deep recession. The recession has forced several businesses to lay off employees, even the government hasn't been immune from cutting back on staff.

 

Comments News Comments

Post new Comment