Greek joblessnes jumps

ATHENS - Reuters

Greece’s jobless rate hit a new record in February, underscoring the pain austerity policies required by the EU and IMF have inflicted on the debt-laden country.

More than one in five Greeks and one in two youths are out of a job, statistics service ELSTAT data showed yesterday. The unemployment rate hit 21.7 percent from a revised 21.3 percent in January. In the 15-24 age group, joblessness stood at a record 54 percent.

Budget cuts imposed since 2010 under the terms of the country’s international bailout to save Greece from a chaotic default have caused a wave of corporate closures and bankruptcies. This has fuelled anger with established, pro-bailout political parties , which suffered a stinging defeat in May 6 elections.