According to a study by the General Confederation of Greek Workers (GSEE), which represents private sector employees, the outlook for the Greek economy will remain grim for some time yet.
Eleftherotypia reports that the study, which will be published at the end of this month, predicts that unemployment will reach 33 per cent in December this year, and that pensions and incomes will continue to decline in 2014. Since 2009, it remarks, “workers have lost close a quarter of their purchasing power.”
The study finds that four out of 10 unemployed people are dependent on family support, while only 12 per cent currently receive benefits. Families that have taken charge of 70 per cent of unmarried unemployed people are getting poorer, while 55 per cent of Greeks would be willing to work for any level of pay.
At the same time, the country’s 50 leading publicly quoted companies have reported a 17 per cent decline in their profits. “And worst of all,” adds Eletherotypia
… it would take 20 years at a growth rate of 4 to 5 per cent to restore unemployment to 2009 levels and to recreate the million jobs that have been lost since then.