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Salaries Fall 7.6% in Q1

Nominal Greek salaries fell 7.6% in the first quarter of 2011 – the first time in four years, according to data released by the Hellenic Statistical Authority (ELSTAT) on Friday. In the manufacturing sector, the drop was 11.3%, while social security contributions shrank by 16.5%. European Union Economic Affairs Commissioner Olli Rehn recently called for even lower Greek salaries in order for the competitiveness of the economy to improve.

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