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Society

Study Shows Greeks Wages Fell 19.1% Under Austerity, Worst in EU

March 20, 2018

A nearly eight-year-long economic crisis that put brutal austerity on Greeks drove down workers wage 19.1 percent since 2010, the sharpest drop among European Union countries studied in a report from the European Trade Union Institute (ETUI).

The quality of life continued to worsen under the ruling Radical Left SYRIZA-led coalition of Prime Minister Alexis Tsipras who promised to reject more harsh measures demanded by international creditors but instead imposed more, including pension cuts, an avalanche of taxes and coming taxes on low-and-middle income families while the rich, politicians and tx cheats continued to escape with near-impunity.

The ETUI is the independent research and training center of the European Trade Union Confederation (ETUC) and its report found big losses in wages, the most in Greece from 2000-17. SYRIZA came to power in 2015 with promises to help workers, pensioners and the poor who have fared even worse under the Leftists than under previous governments.

Cyprus, which, like Greece, had to rely on international bailouts, was next worse with a 10.2 percent loss in pay followed by another bailout country, Portugal, with an 8.3 percent drop.

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