Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
You know Greek productivity figures better than me. 15% down means how many more to go, until competitiveness is reached?

Wage suppression is retarded, stupid, idiotic, moronic, inane and does not work.

Wages as a share of GDP have to remain somewhere around 70 % for a modern mass-production economy to function. Inequality has to remain at lowish levels for a modern mass-production economy to function.

Attempting to reach "competitiveness" by murdering Greek unions and reducing the Greek labourers to slave wages will destroy the Greek economy. The only way to restore Greek competitiveness is to raise German wages to the point where Germany becomes less competitive with Greece. Reducing the Greek to slavery is also cold-blooded murder of a couple of tens of thousand Greek citizens, going by the Russian experience as a standard for the human cost. But we have already established that you don't give a shit about that.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 18th, 2012 at 04:01:31 AM EST
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