Economist says Greek government cutbacks are painful but pointless
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Greece’s parliament has agreed to a painful raft of government cutbacks in order to secure a $170 billion dollar lifeline from lenders. The laws lower the minimum wage by 22 percent, make it easier to fire workers, and slash old-age pensions.
Protestors filled the streets in Athens as the deeply unpopular set of cutbacks was signed into law by politicians.Despite the pain set to be endured by Greeks in the wake of the cutbacks, many economists say that the package will do nothing to assist in sparking an economic recovery.
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