FX.co ★ Greece seeks €3 billion bailout from World Bank to tackle unemployment

The government of Greece has asked the World Bank to provide a financial assistance of 3 billion euros to resolve the problem of unemployment, the Wall Street Journal reported.

According to Eurostat, Greece’s unemployment was 23% in November 2016, the highest level among all EU nations.

The Greek government plans to allocate funds received from the World Bank to create about 100,000 jobs over the next three years. However, experts say it would be challenging for Greece to convince the World Bank to provide it with the financial assistance.

The World Bank confirmed that the request from Greece was received. The government of Greece asked the World Bank to provide technical and financial assistance to address pressing challenges, including long-term unemployment.