Te unemployment rate in Greece fell to 8.3


per cent in April, reaching its lowest point since 2008. Te previous April it was 10.8 per cent. In particular, female unemployment dropped from 13.6 per cent last year to around 10.8 per cent, whilst youth unemployment has also seen a re- duction.


Tis is a far cry from when it skyrocketed to


almost 28 per cent in 2014 during the 10-year debt crisis, which wiped out about a quarter of Greece’s economy.


Te financial crisis began in 2009 and was


triggered by the worldwide recession and was also largely a result of structural problems that ignored the loss of tax revenues due to systematic tax evasion. Greece enacted 12 rounds of tax increases,


spending cuts, and reforms between 2010 and 2016. Tese austerity measures created a hu- manitarian crisis with record-high numbers of suicides and homelessness, whilst the public health system deteriorated, and it triggered riots


and nationwide protests. Te country received three bailout loans from the IMF and the European Central Bank. After a referendum rejecting further austerity measures and the closures of banks across the country, Greece failed to make an IMF loan repayment on time. But after a decade of debt crisis, the country is


finally emerging from the ashes. In 2019 the new pro-business conservative government took over from the left-wing Syriza party (2015-2019) and declared the end of the fiscal crisis.


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