Summer School 2017
From Capitalism to Socialism. . . how we live and ...
Karl Marx Quotes
Thursday, June 15, 2017
Greek austerity - A failed cure
For the Greek people, the bailouts and the austerity measures implemented with them have come at a huge cost.
Unemployment remains staggeringly high: 22.5% of Greeks
in March 2017. And almost half of people under the age of 25 were out of work
Those who do work, earn less. The minimum monthly wage at the beginning of the crisis was €863. It has now fallen to €684
Pensioners have been hit particularly hard. Pension changes since 2010 mean 43% of
now live on less than €660 a month, according to the Greek government
Government spending on
was almost halved between 2010 and 2015, while the
was cut by 20%
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