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Monday, February 13, 2012

The Greek debacle |

Off-topic post but I have to link to a blog entry at The EU Observer on the unsustainability of the Troika's bitter medicine for Greece.

Here is what the Troika is demanding of Greece for 2012 alone (except for one of the demands, which is to be met by 2015):

  • a 22 per cent cut in the monthly minimum wage to €586;
  • layoffs for 15,000 of civil servants;
  • an end to dozens of job guarantee provisions;
  • a 20 per cent cut in its government work force by 2015;
  • spending cuts of more than €3 billion;
  • further cuts to retiree pension benefits.
Does that sound feasible to you in light of the fact that Athens is already partly in flames? It sure does sound like a great recipe for deepening the recession though... Follow the link below for the short blog post:

The Greek debacle « Political Economy 101
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