May 13, 2012

Capitalist lifeboats will come `at some point`...

The IMF reports that Greek incomes have dropped by about 10 per cent since 2010, hours worked have dropped by 7 per cent, and unemployment (especially youth unemployment) is skyrocketing. That isn't good enough for Greece's lenders, who are looking to the Greek government to engineer a further direct assault on the country's minimum wage, labour standards, pensions and collective bargaining with the aim of imposing a substantial further drop in income. Manufacturing output in Greece has dropped by 50 per cent; tourism by 10 per cent. By further impoverishing the working people of Greece, the country's lenders are hoping to engineer a more “competitive” economy that will return, at some point, to growth.

Source: The Globe and Mail, Monday May 14 2012

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