Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/106951
Authors: 
Haliassos, Michael
Year of Publication: 
2013
Series/Report no.: 
SAFE Policy Letter 1
Abstract: 
There is a prevalent view outside Greece that promotion of competitiveness is tantamount with price reductions for Greek goods and services. Massive horizontal salary cuts appear, at first, to promote competitiveness by reducing unit labor costs and to reduce fiscal deficits by reducing the wage bill of the public sector. Upon closer look, however, horizontal salary cuts have been much greater than needed for Greek competitiveness, providing an alibi vis a vis the Troika for reforms that are still to be implemented, but at the same time undermining both competitiveness and the potential to reduce public debt through sustainable development.
Subjects: 
Greek economic crisis
productivity
structural reforms
Persistent Identifier of the first edition: 
Document Type: 
Research Report

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