MEANWHILE: Developments In Greece...

greece flag water

Photo: John D. Carnessiotis on Flickr

As everyone in the world was transfixed on the Fed, Greece continues to do what it takes to get its next bailout tranche and stay in the Eurozone.The Greek cabinet agreed on yet another round of austerity measures today. The details come to us from Reuters:

  • Pensions of more than $1,642.913 a month wil be cut by 20%
  • Payments to state workers who retired before age 55 will be reduced
  • 30,000 civil servants will go into “labour reserve”– that means their pay will be reduced to 60% of their salaries while they have 12 months to find a new job in the state sector or be laid off.

The government also promised to extend a new real estate, intended to end next year, til 2014.

An official sign-off from the Troika is still not official AND, according to journalist Matina Stevis, there still needs to be a parliament vote.

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