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 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.