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Friday, February 3, 2012

Grecian Update- Friday 2/3/12

We said it before.. we say it again.. We at A&G want Greece's government to do the right thing; to do what it should have done 2 years ago-- scrape together some shreds and shards of dignity & self-respect and Default on its debts.  Nothing shameful in it.. Corporations do it all the time.

We at A&G want the banks, investors and the other insipid rot who caused the global meltdown to finally take some genuine economic pain and misery like the rest of the world has experienced.  We will never apologize for seeking that..

So here's the latest update:

"Prime Minister Lucas Papademos is preparing for a make or break meeting with Greek political leaders amid unconfirmed reports that he is considering resigning if the three parties in his coalition government cannot agree on the set of reforms Greece should adopt so it can qualify for more loans... the troika (EU, ECB & IMF) is demanding that the minimum wage of 751 euros per month (gross) be reduced and that labor costs in the private sector drop by 25 percent in a bid to help Greece regain competitiveness.

"Labor unions and employers wrote to Papademos on Friday to inform him that they cannot agree on a wage cut.  Papademos needs the agreement of the political leaders so the prospect of Greece receiving a new bailout can be discussed at the meeting of eurozone finance ministers on Monday."  (ekathimerini.com)

Right now 1 euro is equivalent to $1.314 USD

So 751 euros per month min wages= $986.89/month

If you break that down to a 40/hr work week, it comes to 4.86 euros per hour or in US conversion, $6.16/hr.   Currently the minimum wage in the US is $7.25/hr, so already Grecian minimum wage earners make 15% less.   The troika is demanding the poorest people get paid even less...

I guess Mitt Romney is not alone... no one really is concerned about the poor.

We expect everything to magically work itself out this weekend where Greece's leaders capitulate to their owners' demands, but trust us, its not because we are wanting it to...

Evil can not triumph over Good indefinitely