IMF gives formal approval to second Greek bailout Despite the bailout, the ongoing fragility of the Greek economy was underlined by the latest unemployment statistics, which showed the country's jobless rate jumped to a record 20.7pc in the fourth quarter of 2011. It was the fastest pace of decline since 2007 when the National Statistical Institute's series began, and left prices around 22pc lower than their pre-crisis peak. "With household credit declining, unemployment at 23pc and rising, and a massive overhang of hundreds of thousands of unsold homes remaining, Spanish house prices are set to fall further over coming quarters," said Chris Scicluna, economist at Daiwa Capital Markets.