interventions Greece labour market

Greece labour market reforms

Greece Labour Market Reforms Did Exactly What They Were Supposed To Do

Yiannis Mouzakis via Macropolis | Greek unit labour costs since euro adoption had rosen by 35 % in 2008, compared to less than 20% in the euro area. Greece’s minimum wage was higher than countries that would be considered peers, 50 % above Portugal’s and 17 % higher than Spain’s. In 2010, when the first programme was designed, the labour market was too rigid to deliver what the programme envisaged.