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Unemployment in Greece spirals to 21.9 percent in March as austerity takes its toll
ATHENS, Greece (AP) ' Greece's statistics agency says unemployment in the country rose to 21.9 percent in March, spiking from 15.7 percent in the same month last year and up from 21.4 percent in February.
Greece has been struggling through a vicious financial crisis for the past two years, and has been relying on billions of euros (dollars) in international rescue loans from other eurozone countries and the International Monetary Fund since May 2010. In return, it has made deep spending cuts and imposed major tax hikes, leaving the country mired in a deep recession.
The agency said Thursday that unemployment jumped by 37.8 percent in March compared with the same month in 2011. Compared with February 2012, there were 21,625 more people unemployed this March, a 2.1 percent increase.