by Calculated Risk on 8/21/2010 09:47:00 PM

From Nick Skrekas at the WSJ: Jobs Crisis Grows As Greece Falters

Greece's gross domestic product contracted by 3.5% in the second quarter from a year earlier ... sending unemployment rates to above 12% of the work force ...

The International Monetary Fund predicts the jobless rate will reach 14.8% by 2012. But some labor experts fear that before long, one in five Greek workers could be without jobs.

And the 10-year Greece-to-German bond spread has continued to widen, hitting 848 bps on Friday - the highest level since the 963 bps during the May crisis.

Note: The unemployment rate in Ireland is at 13.7% and rising ...