The unemployment rate in Greece has already reached 16% - a record-high level for the debt-ridden country, the economy of which has been trying to overcome the recession for the last 3 years. According to the Greek bureau of statistics, in March the unemployment rate grew from 15,9% up to 16,2%, which is the highest level since 2004, when Greece started publishing monthly unemployment. Economists expected to see 16% but the actual data exceeded the most pessimistic expectations.
The net amount of the unemployed in March reached 811 340 (as compared with 578 723 in 2010). For the people under 24 the unemployment rate reached 42,5%. In the South of Greece the unemployment was the highest - 30,4%.
The unemployment situation in Greece has been deteriorating since July 2010 when the Greek government started cutting salaries and pensions and increasing taxes in order to reduce the budget deficit and to get a €100B loan from the EU and the IMF.
FOREX.
The Euro currency keeps showing confident growth against the US Dollar. However, the experts from the Department of studying Masterforex-V trading system warn that the currency pair has already formed wave b(C ) H2 without breaking the MF pivot and sloping channel. If there is another rally it will take the form of wave c (C )H2. A bullish FZR will confirm the scenario while 1.4695 will act as a resistance level. However, if the MF pivot and sloping channel are broken below (as shown below) the price will initiate a downswing against the uptrend, which may turn into the 1st wave of the bearish mid-term retracement against the long-term uptrend. The MF pivot and SC will act as support levels.
