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That's enough, we can't take it anymore." That was the popular chant coming from protesters in Athens yesterday during the latest 24-hour general strike against the country's austerity measures. Teachers and doctors joined bank employees to demonstrate against a new round of expected cuts as the cash-strapped country continued to negotiate new reductions in spending to help keep the economy afloat.
In Greece, all employees are effectively paid their annual income in 14 instalments: twelve payments every month; one payment at Christmas (equivalent to a month’s salary or 25 days’ pay), and a half payment at Easter and summer (each equivilant to a half-month’s salary or 15 days’ pay). In recent weeks, the 13th and 14th salaries have come in for special attention in the world’s press, .
The 14th salary works like this: Greek workers get their annual salary in roughly 14 installments. On top of 12 monthly payments, employees receive double their paychecks in December, right in time for Christmas consumerism. They also receive half of their monthly spending in the spring to shell out on goods for Easter. Then they get another half-salary boost in July, before their traditional summer vacation. But the 14th salary system isn't the problem with the Greek economy, says Elias Papaioannou, an expert on international economics at Dartmouth College, "it's just an alternative way to distribute."
Originally posted by Vitchilo
Yeah the Krugman shills say that austerity is bad while at the same time they say that Greece shouldn't spend too much.
What Greece should do is default and go back to the drachma.
Originally posted by ProRipp
This is the man with the plan !
German dominated Europe and unelected eurocrats and bankers in power as puppet governments !
Peaceedit on 052929p://02America/Chicago08 by ProRipp because: (no reason given)