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Tag Archives: wages

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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Greece’s retail workers threatened with 35%-55% wages cuts

That’s a bad Halloween trick for the half a million Greek retail workers. As the collective bargain expired and the Troika forbids a new collective bargain, they are threatened with wages cuts reaching from -35% up to -55%. Employers will be glad to force their employees to sign individual employment …

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Greece needs 20 years to re-create one million jobs lost to crisis

It’s time that we, the non-economists dealing with the Greek debt crisis, learn a new term. That’s “jobless growth” or “jobless recovery”. In short,  this term means that there is growth in an economy of a country, but people still get no jobs. Something like the phenomenon in modern Greece of …

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Greeks trapped, worry about wages & pensions as Cypriot banks remain closed

Thousands of Greek employees and pensioners with accounts in Cypriot banks in Greece worry about their money. “Will the Cypriots banks explode in my hands?” a  retired neighbor asked me last night. Several months ago,  he opened a bank account at the branch of a Cypriot bank in Athens, because …

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