Greece to Propose Spending, Minimum Wage Cuts
In a draft letter to International Monetary Fund managing director Christine Lagarde, Greece’s president, finance minister, and central bank all agree to permanent government spending cuts, reduced pension payments, and a 20% cut in the country’s minimum wage. Bloomberg News…
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In a draft letter to International Monetary Fund managing director Christine Lagarde, Greece’s president, finance minister, and central bank all agree to permanent government spending cuts, reduced pension payments, and a 20% cut in the country’s minimum wage.
Bloomberg News reports that the draft contains the following language:
To restore competitiveness and growth, we will accelerate implementation of deep structural reforms in the labor, product and service markets.
Brilliant. As the country’s economy contracts and threatens no GDP growth this year or next, the government is going to make even larger spending cuts that promise to make life even more miserable for more Greek citizens.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
