GREECE: The bankrupt state (credit, debt, borrowing, paycheck)
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And they get 14 months of pay for 12 months of work.
Cutting that 2 months of "bonus" money is part of their austerity plan.
Oh..and women cannot retire until 65. Yes, they specifically called out women in their austerity plan.
They'll have to get used to a more " spartan" lifestyle. Bum dum bum.
Not that far back, but more like to where they were 20-30 years ago.
Greece was among the last laggards to grab onto the coattails of the by now declining countries of early industrialization and so it is one of the first to fall.
No surprise, then, that Portugal could be next.
In general it would also be no surprise to see the standard of living for most people in the countries of early industrialization to revert back to what it was about 30-40 years ago - with a few extra perks like easy telecommunications -, while that of many people in the emerging countries rises towards that level.
In short, the Cold War and "Third World-ism" acted as a damn that kept people "special", but now we are all drowning in a flood of mediocrity triggered by globalization.
Those who study history have seen this film before.
What is happening in Greece is systematic of what is now happening in Bond markets worldwide. Within 3-5 years we will be suffering from the repercussions of our own insolvency.
And they get 14 months of pay for 12 months of work.
Cutting that 2 months of "bonus" money is part of their austerity plan.
Oh..and women cannot retire until 65. Yes, they specifically called out women in their austerity plan.
I suppose you have no idea how high the cost of living is in Greece and how low the wages are. Cutting back the 13 and 14th paycheck could make the difference in putting food on their tables. And no, Greece doesn't have good social safety nets like welfare as we do here.
I suppose you have no idea how high the cost of living is in Greece and how low the wages are. Cutting back the 13 and 14th paycheck could make the difference in putting food on their tables. And no, Greece doesn't have good social safety nets like welfare as we do here.
Actually I don't know the cost of living, nor the wages. This is the government cutting back, not private companies.
All I have read though points to them spending far more then they take in and borrowing more to cover their growing debts.
California's debt makes Greece's look like a small checkbook miscalculation. Americans have no idea what will hit the fan when CA, MI, NY, NJ, FL, and the rest of the "broke 33" reach the end of their credit limits. Of course, they will all be bailed out. Of course, we will have hyperinflation from all the printing press $$$ needed to do so.
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