Sweet, delicious austerity to pay back all of those "entitlements" that lefty politicians demagogued about for years.
An overnight marathon meeting of the three coalition party leaders with Prime Minister Lucas Papademos resulted in the most violent devaluation of labour pay during peacetime, pending a further cut in pensions to be agreed within 15 days...The youth vote was instrumental in winning those elections, so it's only fair that they get kicked in the groin the very hardest!
The shock-and-awe measures agreed so far are all supposed to bring about a 15 percent reduction in unit labour costs in the country by cutting real wages and bonuses in the private sector by 22-40 percent on average while dismantling sectoral collective bargaining agreements.
• A direct cut to the minimum basic wage by 22 percent at all levels of pay contracts
• A further reduction of 10 percent on the basic wage of first-time employees between the ages of 18-25, bringing the total reduction on this category to 32 percent
Next up, the rich, creamy harvest of total employment collapse!
The country's jobless rate rose to a fresh record of 20.9 percent in November, highlighting the pain imposed by austerity on ordinary Greeks as the country negotiates a new pain-for-gain package with its EU and IMF lenders.Looks like those "investments" didn't pay off so well. Who could have predicted that? And guess who's going to get kicked in the groin yet again? Anyone want to bet? Probably the youth that were taught from an early age about the glories of Eurosocialism.
I wonder if their classes included any Adam Smith or Milton Friedman. Probably not.