Greece unemployment hits highest rate in European Union

Page last updated at 11:28 GMT, Thursday, January 10, 2013 - 16:28 EST

BBC:

The Greek government is continuing with major spending cuts which are affecting the economy

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The official Greek data for October sees Greece overtake Spain as the country with the highest unemployment rate in Europe.

The Greek economy remains mired in recession and the government is in the process of imposing significant austerity measures.

Athens is cutting spending to meet the terms of its financial bailouts.

So far, the European Central Bank, International Monetary Fund, and the European Commission have pledged a total of 240bn euros ($315bn; £196bn) in rescue loans, of which Greece has received more than two thirds.

The Greek government required the bailouts because it was struggling to meet the interest payments on its existing debts.

Read the whole story: BBC