Do you think that competitiveness is the drive towards the least possible salary? In that case Bangladesh and the Sudan would be tremendously competitive.

And yet they aren't.

But the issue remains - wages are one of the variables in the equation. Greece has options to change other variables as well - but many of those need more time to have an actual effect.

But whatever they do, it is my impression the current downward spiral will continue until a point is reached where the whole equation results in a competitive economy.