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This is inane. Greek actual nominal wages (nothing to write home about in the first place) dropped 15% in a year, and unemployment still hit the ceiling while Greece lost 7% of GDP in that year. Greek exports were at ~10% of GDP. Greece is not Latvia (although we saw how hard Latvians were punished) you can't grow through exports in Greece with internal demand collapsing and in a recessionary (pretty much) environment, except in the long run. A decade. But not if the whole economy has been collapsing that whole time, because by then Greece is for all practical purposes a 3d World country.

The idea that Greece does not export enough because it doesn't have low enough wages, is so ridiculous if one knows the facts of the Greek economy, that it beggars belief that a former BB president would make such a claim.

As of now, the minimum wage is deep into the poverty zone BTW.

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Fri Feb 17th, 2012 at 05:05:49 AM EST
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