What’s the Worst Case Scenario for the Greek People? As Greeks prepare to go to the polls on Sunday June 17, the fate of the euro and the recovery of the global economy could rest in their hands. But the biggest pain could be felt closer home as the country suffers through a fifth year of recession Many people have been voting with their feet and leaving the country, with austerity measures forcing some to work on half their previous salaries, while pension cuts and an impending energy and health crisis unfold.  For those that remain, unemployment is on the rise at 21.7 percent (youth unemployment is now at 50 percent), and of the people that still have jobs, some have not been paid in months. Greeks that can no longer afford to buy food (let alone stockpile it) are turning to soup kitchens that are providing a temporary solution. The 76 of them in the Athens region alone receive up to 20,000 people a day queuing for food.  In the extreme, the surge in suicide rates among all age groups show that some feel there is no hope. Full Story Photo:Bloomberg via Getty Images
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What’s the Worst Case Scenario for the Greek People?

As Greeks prepare to go to the polls on Sunday June 17, the fate of the euro and the recovery of the global economy could rest in their hands. But the biggest pain could be felt closer home as the country suffers through a fifth year of recession

Many people have been voting with their feet and leaving the country, with austerity measures forcing some to work on half their previous salaries, while pension cuts and an impending energy and health crisis unfold. 

For those that remain, unemployment is on the rise at 21.7 percent (youth unemployment is now at 50 percent), and of the people that still have jobs, some have not been paid in months.

Greeks that can no longer afford to buy food (let alone stockpile it) are turning to soup kitchens that are providing a temporary solution. The 76 of them in the Athens region alone receive up to 20,000 people a day queuing for food.  In the extreme, the surge in suicide rates among all age groups show that some feel there is no hope.

Full Story


Photo:Bloomberg via Getty Images

Source: cnbc.com

Countries With the Highest Unemployment Rates Millions of jobs were lost in the 2008 global financial crisis, and with growth slowing, the job market is looking shaky once again.  The U.S. shed 8.3 million jobs during the recession and only 43 percent of the lost jobs have been recouped in the last 34 months.  Younger workers in particular are facing the worst job prospects in recent times. The unemployment rate for young workers in the euro zone is over 22 percent; in Greece and Spain it is over 50 percent.  With this in mind, we’ve put together a list of 10 countries with the highest unemployment rates among the world’s 50 largest economies. The ranking is based on 2011 annual average unemployment rates from the International Labour Organization (ILO). The ILO gathered the numbers from national statistics sources.  So, which major economies around the world have the highest jobless rates? Click ahead to find out.  See the list Photo: Mario Proenca | Bloomberg | Getty Images
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Countries With the Highest Unemployment Rates

Millions of jobs were lost in the 2008 global financial crisis, and with growth slowing, the job market is looking shaky once again. 

The U.S. shed 8.3 million jobs during the recession and only 43 percent of the lost jobs have been recouped in the last 34 months. 

Younger workers in particular are facing the worst job prospects in recent times. The unemployment rate for young workers in the euro zone is over 22 percent; in Greece and Spain it is over 50 percent. 

With this in mind, we’ve put together a list of 10 countries with the highest unemployment rates among the world’s 50 largest economies. The ranking is based on 2011 annual average unemployment rates from the International Labour Organization (ILO). The ILO gathered the numbers from national statistics sources. 

So, which major economies around the world have the highest jobless rates? Click ahead to find out. 

See the list



Photo: Mario Proenca | Bloomberg | Getty Images

Source: cnbc.com

CNBC Special Report: Markets in Turmoil

Tonight 9 pm ET — Markets in Turmoil

A new year low for the Dow.  A weak jobs report. Crisis in Europe, what’s next for your money?  CNBC’s live global coverage gets you ready for the week ahead, plus first word from the Asian markets, tonight at 9 pm ET on CNBC

Visit CNBC.com for more on tonight’s special report.

Source: cnbc.com

Greece to Exit Euro Greece will leave the euro zone next year and the country’s new currency will “immediately fall by 60 percent,” according to Citi chief economist Willem Buiter. Greek officials have repeatedly stressed that the country will be running out of cash by the end of June, after which it would be unable to make debt payments and pay civil wages and pensions. An election is scheduled for June 17 after inconclusive results of the May 6 polls meant a government could not be formed. Full Story
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Greece to Exit Euro

Greece will leave the euro zone next year and the country’s new currency will “immediately fall by 60 percent,” according to Citi chief economist Willem Buiter. Greek officials have repeatedly stressed that the country will be running out of cash by the end of June, after which it would be unable to make debt payments and pay civil wages and pensions. An election is scheduled for June 17 after inconclusive results of the May 6 polls meant a government could not be formed.

Full Story

Source: cnbc.com

Greece Needs to Accept Bailout Terms: South Korea South Korea’s President Lee Myung-bak says Greece needs to accept the terms of a $130 billion international bailout agreed in March and there will be no disbursement of money from the International Monetary Fund (IMF), unless the country does so.  “I urge the Greek government, the corporations, the workers and the people, (they) need to accept those terms,” Lee said in an interview with CNBC’s Chloe Cho in Seoul. Full Story Photo: AP
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Greece Needs to Accept Bailout Terms: South Korea

South Korea’s President Lee Myung-bak says Greece needs to accept the terms of a $130 billion international bailout agreed in March and there will be no disbursement of money from the International Monetary Fund (IMF), unless the country does so.  “I urge the Greek government, the corporations, the workers and the people, (they) need to accept those terms,” Lee said in an interview with CNBC’s Chloe Cho in Seoul.

Full Story


Photo: AP

Source: cnbc.com

Greeks Withdraw Nearly $1 Billion From Local Banks Greek depositors withdrew 700 million euros ($900 million) from the nation’s local banks recently, said President Karolos Papoulias, though the exact timing of the transfer was unclear.  Citing a conversation he had with Greek Central Bank Governor George Provopoulos, Papoulias said “that the strength of banks is very weak right now.” Full Story
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Greeks Withdraw Nearly $1 Billion From Local Banks

Greek depositors withdrew 700 million euros ($900 million) from the nation’s local banks recently, said President Karolos Papoulias, though the exact timing of the transfer was unclear.  Citing a conversation he had with Greek Central Bank Governor George Provopoulos, Papoulias said “that the strength of banks is very weak right now.”

Full Story

Source: cnbc.com

Why a Greek Debt Deal Won’t End the Greek Saga For months, the situation in Greece has dominated European markets for days on end as a new deadline approaches. If the deal is passed, a temporary sigh of relief is likely from markets – but Greece will not move far from the markets’ agenda. Full Story Photo:Anne-christine Poujoulat / AFP/Getty Images
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Why a Greek Debt Deal Won’t End the Greek Saga

For months, the situation in Greece has dominated European markets for days on end as a new deadline approaches. If the deal is passed, a temporary sigh of relief is likely from markets – but Greece will not move far from the markets’ agenda.

Full Story


Photo:Anne-christine Poujoulat / AFP/Getty Images

Source: cnbc.com

Biggest Events in the Euro Zone in 2011 At the start of 2011, the euro zone was already in the throes of a debt crisis after Greece and Ireland sought bailouts from the European Union and the International Monetary Fund in 2010, and credit rating agencies downgraded several peripheral European countries, including Spain and Portugal. Who will be the major players in 2012?
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Biggest Events in the Euro Zone in 2011

At the start of 2011, the euro zone was already in the throes of a debt crisis after Greece and Ireland sought bailouts from the European Union and the International Monetary Fund in 2010, and credit rating agencies downgraded several peripheral European countries, including Spain and Portugal.

Who will be the major players in 2012?

Source: cnbc.com

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