European stocks hold ground as Greek joblessness climbs

<p>Greece’s joblessness has risen to fresh highs, but Europe’s stock market stands firm.</p>

The main European stock indices have held their ground this afternoon (January 10th) after fresh figures show Greece's employment situation is not improving.

According to the troubled Mediterranean nation's Statistical Authority, joblessness rose to 26.8 per cent in October 2012, which is a jump from the previous month's 26.2 per cent figure – and even more so when compared to the previous year's rate of 19.7 per cent.

Those aged between 15 and 24 are the worst affected, with 56.6 per cent of young people within this bracket currently out of work.

Greece has been struggling since the sovereign debt crisis hit in 2009 and is dependent on rescue financing.

To secure this cash from lenders – including the troika of the International Monetary Fund, European Union and European Central Bank – the Greek government has had to impose a series of harsh, unpopular austerity measures, resulting in general strike action and public protests.

At 14:30 GMT, the pan-European DJ Eurostoxx Index rose by 0.5 per cent to 2720.2 points.

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