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This article discusses the severe rising level of unemployment in Greece. Unemployment rates rose to approximately 24.4% this summer and 55% of young people aged 14 to 24 are unemployed. The reasons behind this high unemployment are that a high percentage of the Greek workforce is employed by the government (about 25%) and these employees receive large unreported subsidies and bonuses. Also, Greece suffers from a large amount of tax evasion, causing it to struggle to pay the high number of government workers. Consequently, Greece had to cut 100,000 government jobs, causing unemployment to rise. Unemployment was high in the first place because of the deep recession which started in 2007. The high unemployment in Greece has further knock on effects on its economy, particularly if the majority of those unemployed are of the younger generation. A young workforce with no jobs means that once the older generation retires, the younger generation will want to take over their jobs but they will not have the experience to do so. Also, they will lose incentive to work hard as they are used to not having jobs. 

1/4th of the labor force in Greece was being employed by the Greek government. However the government borrowed a lot of money and that means that the government workforce will end up decreasing dramatically sooner or later, and that happened.  Their economy has shrunk around 20% since 2008. The article also told us that 'Moody's Analytics predicts that the Greek economy won't start growin gagain until 2015, at the earliest". That is bad for Greece because it will take very long and be very hard for it to become a stable and strong economy again. 

Unemployment is Greece has reached its highest point, 23.1% from only 8% before the economic crisis two years ago. 672,000 out of 800,000 registered unemployed people are not receiving any unemployment benefits and therefore have no income at all. This means there is a huge number of people who are not able purchase goods and services so the overall consumption is decreasing. Unemployment is costing Greece about five billion per year. Minimum wages have also been cut by 23% which are increasing the costs for the government.  This had led to an $81 billion decrease in consumption and the shutting down of thousands of businesses which means the aggregate demand curve has shifted to the left, decreasing consumption in the country. The economy in Greece has shrunk by 7%, meaning it is in recession. 

It's a rare sight, seeing US banks taking precautions instead of relying on the federal government for a bail out. This though is the precise case at the moment. Seeing as it still isn't clear whether or not Greece is staying in the Eurozone, US banks such as Meryll Lynch and JPMorgan are taking necessary precautions to insure that should Greece retreat from the Eurozone, the banks wouldn't be hit as hard. In a recent survery, sent out by a private advisory firm, 80 percent of the answers predicted that Greeve is going to leave the Eurozone, and a fifth of the given 80% believe that more countries may follow Greece's potential lead. 

China has accused Italy, Greece and the EU for supposedly illegally subsidizing domestic solar manufactururs (suspected that due to a decline in Italian imports of Chinese Solar panels.)  The US international Trade Commision then made a locked tariff of 24-36% on imported solar panels from China.  A year ago the Coalition of american Solar Manufacturers filed antidumping cases against China, saying they were flooding the US market with inexpensive and heavily subsidized solar panels that the US couldnt compete with.  The US fears that China is dumping because it means their domestic producers are not able to compete in the market for solar panels. Therefore this high tariff of 24-36% has been imposed to promote consumption of domestic solar panels.