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Depressing wages

Monastiriotis, Vassilis ORCID: 0000-0003-3709-3119 (2011) Depressing wages. LSE Greece@LSE (18 Jul 2011). Website.

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Abstract

I was looking again yesterday at last week’s press-conference by Poul Thomsen, the International Monetary Fund’s mission chief for Greece. Despite the bleak projections about growth (-3.7%) and inflation (+2.9%), Thomsen tried to convey a positive message, by suggesting that the competitiveness of the Greek economy shows signs of recovery, as the cuts in public sector wages and the rise in unemployment have contributed to a 7% drop in average wages in industry (private sector excluding agriculture and services) and an overall drop in unit labour costs (an index of productivity-discounted production costs) by 8%. Thomsen emphasised the need for further reforms and a continuing commitment to containing labour costs as the sine-qua-non condition for a Greek recovery.

Item Type: Online resource (Website)
Official URL: http://blogs.lse.ac.uk/greeceatlse/
Additional Information: © 2011 The Author(s)
Divisions: European Institute
Spatial Economics Research Centre
Hellenic Observatory
LSEE - Research on South Eastern Europe
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
J Political Science > JC Political theory
J Political Science > JN Political institutions (Europe)
Date Deposited: 01 Jun 2017 09:38
Last Modified: 01 Nov 2024 04:42
URI: http://eprints.lse.ac.uk/id/eprint/79486

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