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Unions: Greeks’ purchasing power decreased by 50% during last 2 years

Followed by declining wages in the country, according to research by the Labour Institute GSEE-ADEDY since, the basic wage countries at levels found in the second speed of the eurozone, including Portugal, Spain, Malta and Slovenia, while , seems to be sliding towards the levels of the countries of the third gear, such as the countries of Eastern Europe.

During the last two years, the average real wage fell from 84% to 74% of the corresponding EU average, while during the same period the purchasing power of the average wage has fallen by 50%.

Alarming are the findings about the extent of poverty in Greece. Based on the data of 2011, Greece in 2010 showed the second highest poverty rate in the EU-15 (21.4%), after Spain.

One in two Greek is on the verge of poverty, with annual income less than 4,871 euros.

The proportion of individuals who experienced material deprivation in 2011, rose to 28.4% from 21.8% in 2008, while the poverty rate of unemployment rose to 44.2% in 2010 from 37.9% in 2008 .

Even in 2011 increased to 20.1% (from 12% in 2008), the percentage of the population indicates that there are problems with crime, violence or vandalism in the neighborhood.

At lower levels among the countries of Europe of 15 is, according to the INE GSEE, also the effectiveness of rehabilitation programs for unemployed in the labor market and social protection programs. (

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One comment

  1. Just to draw the comparison in reduction of purchasing power.
    Today is budget day in Ireland. Under the new budget, 420 million € will be raised through dedicated taxes on high income earners. This is the first time the high earners get targeted with specific taxes. Excellent, about time!

    However, an identical amount is raised through cuts in unemployement benifits.
    Other cuts (Health benefits, housing allowances, fuel allowances etc) boil down to this:
    1.8 million people last year had € 100 a month left to live on, that figure is now down to € 60 a week. a 40% drop on top of last years 65% drop and that came on top of a 45% drop compared to the year before.

    At the same time, 51 MPs will receive an annual increase of € 8K+ and 44 Senators will receive an additional € 4k + per year. Just like that.

    What did they say again? Ireland is not Greece?

    I think it’s high time that Ireland, Greece, Spain, Portugal, Italy, Slovakia, Poland, Slovenia, etc all become one, whatever they want to call it, and start the fight back…