German Chancellor Angela Merkel says the recession-ravaged Greece is facing more difficult days as Athens is required to cut thousands of public-sector jobs.\n<\/p>\n
\u00c5\u201cGreece is still facing difficult times because the reduction of employment in the public sector is a topic that needs to be solved,\u201d Merkel said in a press conference earlier this week.\n<\/p>\n
Greece has been at the epicenter of the eurozone debt crisis and is experiencing its sixth year of recession, while harsh austerity measures have left about half a million people without jobs.\n<\/p>\n
On July 8, Eurozone finance ministers decided to release 6.8 billion euros (USD 5.3 billion) in financial aid for Greece.\n<\/p>\n
This is while, in order to receive the approved rescue funds, Greece must stick to the agenda of either transferring or laying off 12,500 civil servants, including Athens municipal police, teachers and school security personnel, by the end of this year.\n<\/p>\n
The latest disbursement is a part of a 110-billion-euro (USD 145-billion) bailout granted by the so-called troika of international lenders — the European Union (EU), the European Central Bank (ECB), and the International Monetary Fund (IMF) in May 2010.
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Another 130-billion euro (USD 170-billion) rescue package was approved in February 2012.\n<\/p>\n
The record high unemployment level stands at 27 percent and 62.5 percent of youths are without work.\n<\/p>\n
One out of every five Greek workers is currently unemployed; banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent.\n<\/p>\n
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