As of 2012, economic downturn is now entering its fifth year, is facing an unemployment rate of over 21 per cent for all job-seekers, but over half the young people aged 15-24 are unable to find work in the country. The latest round of austerity measures will reduce the minimum wage for government workers and result in 150,000 being laid off over the next few years.
The austerity measures introduced to reign in the budget deficit, and to meet the requirements of the EU-backed bailout, have resulted in nearly 25 per cent cuts in public spending on college education.
Since 2009, budgets for Greek higher education have been cut by 23 per cent, meaning no funding was available for basic needs such as heating of educational facilities.
Greek Debt Crisis: