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Labour cost fall has not produced jobs, bemoans GSEE in study
The significant fall in labour costs since the onset of the crisis has not led to a corresponding fall in prices and a boost in employment and competitiveness, defying conventional theories of internal devaluation, according to Greece’s private sector trade union.
Although Greek unit labour costs in 2014 were 13.7 percent lower compared to the last quarter of 2009, this did not lead to employment, as many has expected, but unemployment, according to a draft copy of the 2015 annual report on the Greek economy and ...
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