Greece's November Unemployment Rate Increases to 20.9%

Further financing may be needed, as the economy shrinks more rapidly than originally estimated. The draft of a new financing deal between Greece, the European Union and the International Monetary Fund, obtained by Bloomberg News, predicts a contraction of 4 percent to 5 percent this year, in part because of a worsening external environment. That compares with a forecast of 3 percent contained in a December report on Greece by the IMF.

November unemployment among those under 24 was 48 percent, up from 35.6 percent in the year-earlier month. The highest regional rate was 23.8 percent in Macedonia-Thrace, in northern Greece. Unemployment in the Attica region, which includes Athens, was 21.1 percent, up from 13.9 percent a year earlier.