The Stavros Niarchos Foundation has announced a commitment of $136 million (€100 million) in support of long-term efforts to create job opportunities for Greek youth.

Young people in Greece have been severely affected by the country's ongoing socioeconomic crisis; in August, the official youth unemployment rate in Greece hit 60 percent. According to the foundation, any effort to improve the situation will require not only innovation and the commitment of funds, but also collaboration among the public, private, and philanthropic sectors.

To that end, the foundation will convene a conference in New York City in early 2014 that brings together economists, policy makers, foundations, nongovernmental organizations, government officials, and businesses to explore proposals that can lead to job creation and economic growth in the country.

"The situation is dire," said Stavros Niarchos Foundation co-president Andreas C. Dracopoulos. "As labor economists have consistently pointed out, contrary to any other age group, being unemployed at a young age continues to impact people throughout most of their adult lives. We need to recharge the youth and create prospects now before a generation or several are lost."