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 were unemployed 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 pensioners now live on less than €660 a month, according to the Greek government
  • Government spending on health was almost halved between 2010 and 2015, while the education budget was cut by 20%

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