The European Commission has said that deep pay cuts for Greek workers is the only reason that the country has begun to become competitive, although at a high cost to workers who’ve seen their pay checks dwindle and with the minimum wage reduced drastically too.
In its quarterly report, the European Commission notes that Greece is becoming more and more competitive, in comparison to the 27 member states of the E.U., as the numbers show that Greece has return to 2001 levels.
Unfortunately, the recovery of competitiveness, according to the Commission, isn’t a result of the policy applied, but is due to the savage salary cuts.
As it is referred in the report, the salaries of employees has been reduced an average of 14.5 percent, although as high as 30 percent or more in many cases, which the prices for many products have remained high and banks are squeezing people to pay back what they owe while exempting political parties from having to pay their loans.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
