Greeks Brace for More Pain on Wages

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Greeks Brace for More Pain on Wages

Marianna Kakaounaki/The Wall Street Journal
Dimitris Petsas wants pay cuts for workers at his underwear factory.

By MARCUS WALKER and MARIANNA KAKAOUNAKI

KOMOTINI, Greece (WSJ). Nearly 90 factories hummed in an industrial park here when Greece joined the euro. Only 26 are active today. The industrial decline on this mosquito-ridden coastal plain in northern Greece explains much about how the common currency compounded economic problems in southern Europe, and shows why emergency summits of European leaders alone can't cure the region's economic crisis.

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July 20, 2012

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4 readers comments


1. Philip Vorgias wrote on July 21, 2012 7:29 AM	Does Mr. Petsas market his products in the USA? If so, let us know where we can buy them and I will. That's they way to turn Greece around, support the private sector.

2. Niko Seretis wrote on July 21, 2012 10:23 AM	Of my 3 broher in laws in Greece, only one has a steady job as a hairstylist in Patras. The other one is an un-employed electrician who used to work very hard and even on weekends doing side jobs. The 3rd is just lazy and fits the mold of many young unemployed Greeks blaming every one else for their problems. The electrician "Markos" goes fishing every day with my father in law and sells fish to the local Tavernas. They do what they can to get by. They have some livestock and grow a garden and live modestly, with no second home in the city. Many people will have to go back to this lifestyle to survive, give up their apartments in the Cities which had become a status symbol in Greece and go back to the basics. And yes, I too would support Mr Petsas products in the US and anything else coming in from Greece.

3. Nicholas Kostopoulos wrote on July 21, 2012 11:11 AM	Greeks in Greece will never change until it is too late. They have been bought up in system for the 50 years which is corrupt, bloated, full of useless patronage jobs, over regulated, catering too much to unions which are socialist in principle, and last lazy. The end of this mess is coming, and it seems they just don't get it.

4. Philip Vorgias wrote on July 21, 2012 1:34 PM	I think they can and MUST change, Nicholas. Only question is will they do it in a controlled fashion, or go bankrupt-get kicked out of the EZ-and do it the hard way? I hope it's the first, that's really up to the Greek people. At any rate, I went shopping today and went out of my way to buy Greek made products-Kalamata olives, wine, Greek made FAGE yoghurt. If NATIONAL HERALD can put in a section which shows us more consumer products that Greece makes and sells in the USA I will buy more of them. All we need is the information!
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