Greek Unemployment Hits Record High

Unemployment in Greece has climbed even higher, reaching 26.8% in October, according to figures released today, while another lawmaker abandoned the coalition government over a Swiss Bank account scandal. The Statistical Authority said unemployment increased from 26.2% in September 2012, and marked a significant jump from the 19.7% of October 2011. Young Greeks are the worst affected, with 56.6% of those aged between 15 and 24 out of work.

Meanwhile, Socialist lawmaker Christos Aidonis quit the seven-month-old coalition government today and declared himself an independent, protesting at the lack of action taken to investigate people on a list of Greeks with Swiss banks accounts for potential tax fraud. His action reduces the number of lawmakers backing the government in the 300-member parliament to 163, and means that continued support from all three parties in the coalition—the conservative New Democracy, Socialist PASOK, and Democratic Left—is now required to keep the government afloat. (More Greece stories.)