Greece’s seasonally adjusted unemployment rate fell for the first time in almost five years in December, indicating a possible stabilization may be near after it increased more than threefold in that time.
Greek Finance Minister George Papaconstantinou will reveal today how he plans to offset lagging revenue growth in his 2011 budget to trim the European Union’s second-biggest budget gap and allow the country to resume borrowing in bond markets.
Greece’s jobless rate climbed to more than a quarter of the workforce in August, extending its record high as Prime Minister Antonis Samaras pushed through more austerity measures linked to the country’s bailouts.
Greece’s economy, reeling from austerity measures demanded by creditors in exchange for rescue funds, contracted almost a percentage point more last year than the government forecast, according to Bloomberg calculations.
German 10-year bonds rose for the first time in three days as stock losses and speculation the Federal Reserve and Bank of England may soon expand asset purchases boosted demand for government securities.