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I am on board with all these arguments about the need for relative deflation until we get to claims such as Greek (and Spanish and Portugese and Irish, et c) wages went up way too high over the past decade of a crdit-fuelled boom in each country.

Considering 58% of Spanish wage earners made less than €1100/mo (gross) in 2007, and that the serious people still claim Spanish workers are overqualified...

Something is not quite right here.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Thu May 6th, 2010 at 05:13:43 AM EST
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