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Tag Archives: wages

Labor Institute INE draws a grim picture of real Greek economy, sets unemployment much higher

The report of Labor Institute of the private sector union GSEE (INE) draws a grim picture of the Greek economy – despite the government narrative about the positive outlook. “The Greek economy is looking for an upward venture,” said one of the INE directors who presented the report. However, “evidence …

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ELSTAT: Greece’s GDP shrunk by 26% since 2010, public debt surged

Greece’s GDP shrunk by 61.6 billion euros (26 percent) since 2010, the time span when three bailout memorandums with institutional creditors were signed and implemented, figures showed this week. Additionally, general government revenues decreased by five billion euros, with public sector wages, pensions and welfare benefits cut by 19.13 billion …

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Only Greece worse off than Britain, say UK’s unions

Only Greece has suffered more from austerity that Britain, trade unions charged yesterday as rising inflation and stagnant wages threaten another sharp fall in living standards. Inflation at 2.3 per cent is higher than wage growth of 2.2 per cent — meaning that people’s pay is worth less in real …

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FinMin Schaeuble suggests Greece should issue IOUs – Did he agree with Varoufakis, after all?

German Finance Minister Wolfgang Schaeuble suggested that Greece should issue IOUs in order to meet some of its domestic payment obligations. According to information of German daily Handelsblatt, Schaueble suggested the IOUs option during discussions with other euro zone finance ministers at the Eurogroup meeting yesterday, Monday. Citing eurogroup participants, …

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No Grexit, No Grexident. The IOUs are coming…!?

Forget the Grexit, the Grexident and the Drachma scenarios. They are out! The 20-April-bankruptcy script writers have invented a new solution: something like a parallel currency. No, not the older scenario option of using Drachma nationally and the Euro internationally. Something new: the IOUS! A form of alternative mean of …

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Theory vs Reality gap revealed by “decent living standards criteria” issued by Greek government

How much money does one need to cover monthly basic needs while living in Greece? Well, it depends…. In fact, it depends on who decides. The Troika, the government institutions, the banks, the employers or just the person concerned? The views seem to vary between the theoretical approach and the …

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Prosperous 2014: Wages to reduce further in Greek private sector

The incomes of employees in Greece’s private sector are expected to undergo a further reduction at 1.5%. And this although wages fell at 21.7% during the last three years, after Greece surrendered to the Troika bailout mechanism. But of, course and in contrast employees at the Greek public sector and …

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