Greece to sort of fire some state workers - maybe

Rick Moran
The plan calls for creating a "labor reserve" and putting 30,000 workers in it by the end of the year. The workers would still be paid 60% of their salary for another year and then be let go. Reuters: Greece was expected to unveil its plan on Sunday to begin laying off state workers, the most contentious part of a reform package demanded by the EU and IMF to free up loans and stave off bankruptcy. Without the release of an 8 billion euro ($10.7 billion)tranche of an EU bailout, massively indebted Greece could run out of money to pay state wage bills within weeks. European officials are scrambling to avert a Greek debt default, which could wreck the balance sheets of European banks, damage the prospects of the euro single currency and possibly plunge the world into a new global financial crisis. A senior member of the ruling coalition in Germany, Europe's paymaster, said it may be necessary for Greece to abandon the euro, a prospect European governments officially reject as beyond...(Read Full Post)

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