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According to the FT.

Greek unit labour costs have risen by 50 per cent since 2001. This compares with a eurozone average of about 25-30 per cent and a German cost increase of little more than 6 per cent. Even Portugal has a much lower increase than Greece of some 36 per cent.

So yeah, massive wage inflation.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Sat Jun 25th, 2011 at 03:18:53 PM EST
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