A law is prepared to cut down wages!

If employers and GSEE do not reach an accord

 

Relevant government sources indicate clearly that the government seems to have prepared a legislation to at least freeze the wage and "if needed do something more" than the so far official assurances that the payroll is a matter for discussion of  the social partners.

The employers' organizations are scheduled to meet Monday to reach a joint proposal with industrialists (SEV) proposing a frieze of salaries for this year, although the National General Collective Labour Agreement provides for increases of 2.5% while retailers (ESEE) propose a freeze for two years.

However, the issue of cuts earnings that come from the 3year mandates, the maturities and the elimination of the 13th and 14th salary in the private sector is back, with government and employers connecting the issue of reducing the average wage bill with the signing the new loan agreement.

At the same time, speaking at the CNBC TV network, IMF chief economist Olivier Blanchard, made official announcements for new structural reforms in Greece, including the "wage adjustment"…

Blanchard considers these measures as a condition for the debt reduction agreement, returning to the position of the IMF for haircut above the 50% margin, with relevant information, however, referring to the Fund's decline from its position for a haircut of about 75% -80%, which would be disastrous for Greek banks.

PM Lucas Papademos and IIF chief Charles Dalara are in constant communication on the PSI and the haircut issue, with information from Washington speaking about a latter sent by Dalara to Athens on the progress of the talks and in an especially dramatic tone.