Am I confused or they just don’t know what they’re talking about? I am again impressed by the manipulated mathematics of the IMF &Co when it comes to minimum wages in Greece and the infamous competitiveness. During a hearing at the European Parliament, IMF’s man in Greece, Poul Thomsen claimed that minimum wages in Greece’s private sector are 50% higher than in Portugal.
“International Monetary Fund Deputy Director Poul Thomsen, in charge of the IMF’s programs for Greece, also stressed the importance of this issue, pointing out that minimum wages in Greece were about 50% higher than in Portugal and 25% higher than in Spain. “Realigning the minimum wage with the productive capacity of the economy is key,” Thomsen said. (Market News)
In Greece minimum wages dropped from 751 euro down to 586 EUR gross as of March 1, 2012. In Portugal the minimum wage is 485 EUR (since 1.1.11) and in Spain 641 EUR (1.1.11). The updated list of the Federation of European Employees is just one click away.
PS I assume, Thomsen needs crash courses in simple mathematics…