Five years of loan agreements, memoranda of understanding, austerity measures and internal devaluation. And here is the bill for Greece’s employees: a decrease of 28.16% within five years.
According to data from the Hellenic Statistical Authority (ELSTAT) salaries were cut by 28.16% in the period of the first memorandum of Understanding in 2010 until the first quarter of 2015.
As shown by the data of ELSTAT in the first three months of 2010 the wage index was record high, reaching at 120.4 points.
Immediately after the MoU I wages collapsed and the index fell down to 86.5 points. In the first quarter of 2015, the wages index was at 79.2 point. The descended course translates into losses of 28.16% for wages.
The wages index measures the level of wages in the entire Greek economy. According to ELSTAT, the index does not include seasonally adjusted level of wages like in the summertime due to tourism or Christmas bonuses and 14th wages payment.
According to ELSTAT report, wages fell by 20.6% in the first quarter of 2015 when compared to the first quarter of 2014.
PS I am very curious about the wages decreases since the capital controls were imposed on 29. June 2015.
If one adds the rise in direct and indirect taxes in these 5 years, one can easily finds out the internal devaluation of real Greek life.