Capitalist Lifeboats Will Come “At Some Point…”

The IMF reports that Greek incomes have dropped by about 10 per cent since 2010, hours worked have dropped by 7 per cent, and unemployment (especially youth unemployment) is skyrocketing.

That isn’t good enough for Greece’s lenders, who are looking to the Greek government to engineer a further direct assault on the country’s minimum wage, labour standards, pensions and collective bargaining with the aim of imposing a substantial further drop in income.

Manufacturing output in Greece has dropped by 50 per cent; tourism by 10 per cent. By further impoverishing the working people of Greece, the country’s lenders are hoping to engineer a more “competitive” economy that will return, at some point, to growth.

*note: reprinted from Rebel Youth, the official news outlet of the Young Communist League of Canada. It can be found here.

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