Salaries should rise, not fall, says IOBE report

The ongoing crisis in the Greek economy, that has led to a continuous recession since 2008, will come to an end through raising real salaries at the level of the increase of productivity, with the simultaneous promotion of targeted public investment that will strengthen demand and the production capacity of the economy, according to a study by the Foundation for Economic and Industrial Research (IOBE). Its scientific associate Nikos Zonzilos, who complied the study, suggested yesterday that there was a ‘fundamental error’ in the streamlining process and argued that the salary cut was wrong since it was not preceded by structural reforms. ‘The recipe was applied the other way around and has certainly failed,’ he commented.


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