Monastiriotis, Vassilis (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: | 15 Sep 2023 18:23 |
| URI: | http://eprints.lse.ac.uk/id/eprint/79486 |
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