Five years after the Wall Street crash of September 2008, figures compiled by Britain’s House of Commons Library on wage rates in the 27-member European Union show that workers’ living standards have been thrown into sharp reverse.
The statistics belie claims that the euro zone has “turned the corner” with a modest rise in growth over the last quarter. The situation is particularly acute in those countries that have been subject to the dictates of the “troika”—the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF)—which has overseen massive cuts in social spending as demanded by the international banks.
In Greece, wages have fallen by 11.3 percent since the autumn of 2010 [EPAM-International’s comment: the actual wage reduction is much bigger!]. The UK’s Institute for Fiscal Studies has (more…)