Book contents
- Frontmatter
- Dedication
- Contents
- List of Figures, Tables and Boxes
- Notes on Contributors
- Preface
- 1 Introduction
- 2 Acceptable Jobs and the Epidemic of Youth Unemployment in Southern Italy
- 3 No Jobs, No Hope: The Future of Youth Employment in Spain
- 4 Dirigisme Pour L’Ordinaire: Vocational Training in 21st Century France
- 5 Educating Youth for Future Unemployment in Greece
- 6 Labor Market Policies to Fight Youth Unemployment in Portugal: Between Statism and Experimentalism
- 7 Adaptability of the German Vocational Model to Mediterranean Countries
- 8 US Style Entrepreneurship as a Pathway to Youth Employment: Exporting the Promise
- 9 Grading the Implementation Prospects: Where Do We Go from Here?
- Index
5 - Educating Youth for Future Unemployment in Greece
Published online by Cambridge University Press: 14 April 2023
- Frontmatter
- Dedication
- Contents
- List of Figures, Tables and Boxes
- Notes on Contributors
- Preface
- 1 Introduction
- 2 Acceptable Jobs and the Epidemic of Youth Unemployment in Southern Italy
- 3 No Jobs, No Hope: The Future of Youth Employment in Spain
- 4 Dirigisme Pour L’Ordinaire: Vocational Training in 21st Century France
- 5 Educating Youth for Future Unemployment in Greece
- 6 Labor Market Policies to Fight Youth Unemployment in Portugal: Between Statism and Experimentalism
- 7 Adaptability of the German Vocational Model to Mediterranean Countries
- 8 US Style Entrepreneurship as a Pathway to Youth Employment: Exporting the Promise
- 9 Grading the Implementation Prospects: Where Do We Go from Here?
- Index
Summary
Introduction
It is difficult to imagine that a society which inspired advancements in science, mathematics, philosophy, and architecture, and which formed the bedrock of ancient western civilization, can find itself in such dire economic straits. One thing that has not changed from the ancient to modern times, however, is Greece's often difficult relationship with the rest of Europe. Starting with its independence from the Ottoman Empire in 1832, Greece has been romanticized by European elites in art and literature (Shelley, Goethe, Byron) and along the way, the seeds of historical mistrust between Greece and the rest of Europe were also sown, seeds that have since blossomed and flourished to this day (Zarkadakis, 2011).
The debt crisis that began in earnest in 2008, and the EU bailout that followed with austerity conditions attached, didn't help improve this troubled relationship. In the largest such economic bailout of a bankrupt country in history, Greece received a €320 billion loan from European authorities and private investors, and according to the European Commission, only 13% of the loan has been repaid as of last year (European Commission, 2019). The economic crisis plunged the country into a deep recession with the economy shrinking 25%, unemployment rising to 25%, and youth unemployment exceeding 50%. Greece had a labor force participation rate of 51.6% in 2019, the lowest of any EU country (Eurostat, 2019). With nearly half the working population not on the labor force, how has the country emerged from the economic crisis? Amadeo (2019) summarizes the Greek recovery as follows:
Despite austerity measures, many aspects of Greece's economy are still problematic. Government spending makes up 48% of the GDP while EU bailouts contribute around 3%. As of 2017, Greece relies on tourism for 20% of GDP. Bureaucracy often delays commercial investments for decades. The government has shrunk, but it is still inefficient. There is too much political patronage. Government decisionmaking is centralized, further slowing response time. Tax evasion has gone underground as more people operate in the black economy. It now comprises 21.5% of GDP. As a result, fewer people are paying higher taxes to receive less from the government than they did before the crisis. Many of the jobs available are part-time and pay less than before the crisis. As a result, hundreds of thousands of the best and brightest have left the country.
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- Information
- The Growing Challenge of Youth Unemployment in Europe and AmericaA Cross-Cultural Perspective, pp. 101 - 126Publisher: Bristol University PressPrint publication year: 2021