Tuesday, September 24, 2013

Owed to a Grecian Earn

Bet the Greeks miss the days of searching for the Golden Mean, because today it's about the ruins;
Greek public sector workers went on strike for the second time in a week on Tuesday, shutting schools and leaving hospitals with skeleton staff, as inspectors from Greece's foreign lenders checked whether the country was meeting its bailout targets.
Hiring in the civil service has long been considered driven by political patronage and Greece's creditors have said they will not dole out any more money unless Athens reforms a state apparatus accused of being spendthrift and corrupt.
....ADEDY, the public sector umbrella union which organised the walkout, said government efforts to reduce the 600,000-strong civil service at the behest of the EU and IMF bailing out Greece was «the most merciless plan» to eliminate worker rights.
Let's crunch the numbers;
The administrative reform ministry must put a total of 25,000 workers in the mobility pool by the end of the year.
Not, fire them, but put them into a group where they have to take a lower paying job (the 'mobility pool').

The stakes are somewhat high;
The latest review by the lenders, who have propped up Greece with over 240 billion euros ($323.82 billion), will decide the size of a third bailout to see it through the crisis and is expected to last at least until the end of next month.
600,000 workers propped up by $324 billion (so far, with more needed) is only a little more than half a million dollars per worker.

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