Posted 5 years ago on Feb. 7, 2012, 11:44 p.m. EST by TheirLyingPropaganda
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ATHENS (Dow Jones)--"The three party leaders backing the interim government of Greek Prime Minister Lucas Papademos were close to agreeing on cutting the private-sector minimum wage by an average of around 20%, two senior government officials said Monday."
This is clearly a remedy designed for the One Per Cent business owners who appear to be running this government for personal gain.
The consequences? The government's deficit will not be lessened, since the cuts are made to private sector employees. In fact the government's deficit will worsen since there will be less in tax receipts (but a short term profit for the business owners). The economy will worsen since you need more money in more hands to improve the economy,
This austerity cutting is mindless ideological iron rule that will only inure to the short term benefit of the One Per Centers, IMHO.