Study: Greece and Cyprus are EU’s poorest countries

Greece and Cyprus are among Europe's poorest countries amid rising unemployment and poverty rates across the bloc, according to a study conducted by Germany's Köln Economic Research Institute.

Between 2005- 2008, poverty levels in Greece soared by 40%, followed by Cyprus in second place, which registered a 28.2% increase in poverty rates.

Unemployment rates stood at 23% in Greece, the worst among all European countries, according to the study.

Other countries in the EU's Mediterranean region are among the worst hit by the financial crisis, according to the report, with poverty rates standing at 18% in Spain, and 11% in Italy.

According to the story published on Russian news website Sputnik, Ireland comes in third place among the EU's worst performers with a 28% increase in poverty rates.

The study cited factors such as low income levels, followed by purchasing power, access to education, part-time hiring and a struggling healthcare sector for the increase in poverty rates across the EU.

Greece and Southern Cyprus' high poverty rates and economic slowdown are blamed on increasing unemployment rates in both countries, in addition to the austerity measures enacted in order to pay off international creditors.