This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Greece's Weakened Workforce Starts To Crack

"We expect political risk â¿¿ social unrest and the instability of the fragile three-party government coalition â¿¿ to remain a major focal point in Greece this year."

The country, of nearly 11 million people, is stuck in a five-year recession. Greece now has the highest unemployment rate in the 17-strong group of European Union countries that use the euro, with 27 percent out of work â¿¿ 60 percent of those aged under 24. The government-funded research institute KEPE has forecast that unemployment will hit 30 percent this year.

The crisis has left 450,000 households with no one working, while a one-year limit on unemployment benefits â¿¿ and strict rules to qualify for them â¿¿ mean just 225,000 jobless Greeks are currently receiving monthly state assistance.

Maria Kanga, an unemployed mother of two, is worried about what she'll do when her assistance runs out this summer.

She was fired from a chain of record stores that went out of business last year. Along with more than 150 other employees, she was left unpaid for five months and then received no severance money.

Protesting outside a Eurovision Song Contest event hosted by a company co-owned by her former employer, Kanga summed up her situation: "We've cut back on everything ... My daughter is 12 years old. She has one pair of shoes. If they get wet, there are no spares."

"Greece is not a country of bright lights and flashy events. It's a country with people committing suicide, of those unable to feed their kids properly, or who steal from the supermarket ... It's happening to everybody. We are these people."

Normally, those left in employment would be able to help support a government and the economy by spending and paying their taxes. But in Greece, as jobs continue to vanish at an alarming rate, hundreds of thousands of workers are no longer paid regularly, with struggling businesses unable â¿¿ or sometimes unwilling â¿¿ to pay their payrolls.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,424.85 +162.29 1.00%
S&P 500 1,862.31 +19.33 1.05%
NASDAQ 4,086.2250 +52.0640 1.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs