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Tag Archives: cuts

Thousands of jobs to be lost in Greece’s banking sector

Greece’s four main banks will have to reduce their employees by a total of 4,350 and shut down about 180 branches up to the end of 2017. These new reduction demands result from the derailing of the Greek economy generated by the prolonged uncertainty during 2015 which brought the country …

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ECB & Draghi cut deposit rate by 10 basis points

The European Central Bank and Mario Draghi announced today a new cut in the deposit interest rates.  The rate cut will be 10 basis points and down by -0.30%.  The deposit rate has been cut from -0.2% to -0.3%. “At today’s meeting the Governing Council of the ECB decided that …

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Greeks suffered wages losses of -28.16% from 2010 to 2015

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 …

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Gov’t cuts lawmakers’ tax breaks, ministers’ salaries by 15%

Finally, good news! In the direction of correcting what we call “social injustice”. That is that while the poor and the needy and the vulnerable society groups are being disproportionally overtaxed, lawmakers and politicians pay less taxes and enjoy tax breaks with ‘whatever’ justification the legislator who introduced this system …

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PM Tsipras sets key priorities in first cabinet meeting, advises ministers to live “frugal”

Greece’s new PM Alexis Tsipras presented his government’s key priorities in the first meeting of the new cabinet on Wednesday. The key priorities include measures to tackle the country’s humanitarian crisis, restarting the economy and clashing with vested interests. However it is interesting to see also what he advised his …

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Shock in Patras school: teacher cuts his wrists in front of students

A teacher in amok, students in shock. Ateacher in a high school class went out of control and started to cut his arms, from the wrist to the elbow, with a paper cutter in front of screaming children in the classroom. Amid students’ screams and cries, the teacher spread the …

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LOL Ex-Minister complains about cuts in MPs’ salaries and allowances

Ex minister for Health and Nea Dimokratia MP Adonis Georgiadis complained about the cuts in MP’s pay and perks. “Greek MPs have suffered the biggest cuts in their salary and allowances than any other branch in the government,” he claimed adding “the salary cuts reached 60% and the parliamentary pensions …

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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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