So reports Tyler Durden (www.zerohedge.com) in edited excerpts from his original article* which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has edited further below for length and clarity – see Editor’s Note at the bottom of the page. (This paragraph must be included in any article re-posting to avoid copyright infringement.)

Durden goes on to say, in part:

[It would appear that,] while the Greek economy is in tatters…that’s only the beginning. It now appears that a terminal collapse of not just [occurring in] the Greek financial sector, but [in] its society as well…[as shown in the chart below].

 

 

[According to the] Athens News:

The average unemployment rate for 2011 jumped to 17.3% from 12.5% in the previous year…[with]  41% more unemployed than in the same month last year.

For the first time on record, more people between 15-24 years were without a job than with one. Unemployment in that age group rose to 51.1%, twice as high as three years ago.

Budget cuts imposed by the European Union and the International Monetary Fund as a condition for dealing with the country’s debt problems have caused a wave of corporate closures and bankruptcies.

Greece’s economy is estimated to have shrunk by about a fifth since 2008, when it plunged into its deepest and longest post-war recession. About 600,000 jobs, more than one in ten, have been destroyed in the process.

Things will get worse before they get better, according to analysts. “Despite some emergency government measures to boost employment in early 2012, it is hard to see how the upward unemployment trend can be stabilised in the first half of the year,” said Nikos Magginas, an economist at National Bank of Greece.

Conclusion

When will the Greeks ask themselves if the complete and utter destruction of their society is worth it, just to pretend that life as a European colony is worth living – especially now that pension funds have been vaporized?

*http://www.zerohedge.com/news/europes-scariest-chart-just-got-scarier

Editor’s Note: The above article has been has edited ([ ]), abridged, and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.

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