Saturday, August 21, 2010

Summer of Greece's Discontent - WSJ.com

EXCERPTS:

"ATHENS—Greece's deepening recession is driving joblessness steadily higher, feeding discontent with the government's austerity program and dragging on the broader economy.

Greece's gross domestic product contracted by 3.5% in the second quarter from a year earlier, hitting retailers hard and sending unemployment rates to above 12% of the work force, according to data released last week.

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"We expect real unemployment to top one million workers by the year's end, which is a rate of 20%....