An upsurge in the number of citizens in the country facing the risk of poverty, as well as a sharp increase in the unemployment rate have been recorded following Greece's subjection to the 'memorandum,' or the bailout loan contract. According to a report from Greece's Statistical Authority (ELSTAT) on "living conditions in Greece", the percentage of citizens facing poverty conditions increased from 16.3 pct in 2010 (the year of accession to the memorandum) to 22.9 pct of the population in 2011. (Informal figures speak about a further surge in 2012, or show that one in every three Greeks is now living under the poverty line).
The report sounds the alarm over the "explosive mixture" that may be created by poverty and unemployment, as the unemployment rate has skyrocketed from 7.6 percent in 2008 to 26 pct in September 2012.
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