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Tag Archives: wages

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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Greek Gov’t Rules Spending Controls & Wages-Pension Cuts Bypassing the Parliament

With two legislative actions and fourteen ministerial decisions the Greek government caused serious damage to two state powers of a sovereign state:  the Legislative and the Executive. Bypassing the Parliament, the government drafted legislative actions that give the Finance Minister super powers. Inspectors at ministries, local governments and public utilities enterprises will monitor …

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Social Unrest Nears as Greece’s Society Groups Get Angry at Each Other?

It came as expected. Employees affected by the upcoming wages cuts included in the 11.5-billion-euro package took to the streets. Policemen, firefighters, coastal guards, judges, academics, teachers, doctors, tax officers. Greece’s public sector is boiling. Civil servants protest and strike and threaten with escalation of their mobilization.  Sept 6/2012 – Athens: Riot …

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Taxing the Greek Orthodox Church? Archbishop of Athens Ieronimos Declares Transparency

Archbishop of Athens and all Greece Ieronimos decided to give a thorough answer to all these reports and publications appearing in international press about the “Taxation of the Greek Orthodox Church”. The letter addressed to Greek PM and the EU leaders aims to “restore the truth”, as it is said: Letter about …

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