Every month the unemployment rate in Greece reaches a new high. According to official statistics of Greece (ELSTAT) the unemployment rate already exceeded the level of 1 million at the end of December 2011, leaving more than 20 % of the population without a job. The youth unemployment has increased by 12 % compared to the same month of the previous year and reached a total of 51,1 %.
Source: HELLENIC STATISTICAL AUTHORITY
Officially every second youth between 15 and 24 years doesn’t have a job, but the numbers are unadjusted and embellished. In Greece a person is classified as employed when they are aged 15 years or older and were working more than one hour the week for pay or profit. The labour market situation is getting worse every week. Obviously Greece is not able to cope with the financial crisis, although they receive substantial support from the European Union. However, Greece is faced with another problem of great importance. The poor economic situation could lead to an exodus of young academics. Corresponding to a survey of the Greek Kapa Institution in August 2010 more than two third of young academics between 22 and 35 give consideration to emigration. The better the educational grade the stronger the impulse to leave Greece. Almost 9 % of the universities graduates are leaving the country and even 51 % of the postdoctorals. Reasons mentioned were the lack of job opportunities, high taxes and hardly any possibilities for advanced training. The chances of finding a job in other countries of the European Union or in the United States are not bad, because companies from many countries throughout the world are very interested in employing high qualified personnel from foreign countries to cover the future demand of skilled personnel. There is a particularly high demand for computer specialists, chemical engineers and experts in hotel business.
What is joy for one, is sorrow for the other. While the other european countries are happy about the immigrating motivated graduates, Grecce has to do its utmost to break the vicious circle, as long as it is possible.