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The ramifications of the Greek government-debt crisis of 2009 is still affecting citizens of the country today. Triggers of the depression included the turmoil of the Great Recession, structural failings in the Greek economy, and a nosedive in confidence amongst lenders. Late in 2009, fears escalated in regards to Greece being able to meet its debt obligations due to revelations that previous data on government debt levels and deficits had been misreported by the Greek parliament.
By 2012, Greece had the largest sovereign debt default in history and in June 2015, after becoming the first developed country to fail an IMF loan repayment, the government held a debt of €323 billion.
Due to Greece holding onto the Euro, inflation was not an option. The solution formed in Greek wages deflating by 20%, resulting in a severe recession, a rise in the debt-to-GDP, and a rise in unemployment. Based on data from Eurostat, January 2016 saw Greece face an unemployment rate of 24.4%.
Given these dismal statistics, it is not surprising that half of Greek employees would relocate abroad for the ‘right’ job and improved job security, according to a recent study by HR services firm Randstad Hellas.
The Workmonitor survey published in April by the firm, indicated that 58% of Greek employees expressed an interest in working abroad; of this figure 74% were in the 18-24 age bracket. Data revealed that women were the more eager party, with 61% considering life as an expat for better wages and job security.
In relation to the worry of job security, 42% of those surveyed indicated that it is ‘highly likely’ that they will either face the sack or that their contract will be not be extended within the next six months. Greek women are the most in fear about losing their jobs, with 46% indicating that it was a real concern and a potential reality. The highest job security statistic was with the 55-67 age bracket, with 50% of respondents feeling safe within their role.
However, despite the yearning of a life elsewhere, Greek’s should consider holding onto their motherland a little longer. According to data presented by Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici, the Greek economy is expected to growth in the second half of 2016, and in 2017 it is estimated to grow by 2.7%.
It is also expected that unemployment will drop to 23.6% in 2017.
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.