Oh. I didn't catch that angle. Well, that does make it much less objectionable. Although any wage-reducing deal that does not require the equity holders to go all the way down to a return of [German sovereign debt plus reasonable risk premium] and does not require upper management to take a drastic haircut (to the level of - say - university professor or mid-level public bureaucrat) strikes me as socialising losses from previously privatised gains.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.