Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing.
Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid instalment due this month. More than a week of talks on that has so far failed to clinch an agreement.
Chosen excerpts by Job Market Monitor
Officials say talks this coming week between crash-strapped Greece and its international creditors will focus heavily on the possibility of public sector layoffs. Representatives of the creditors – the European Commission, the European Central Bank and the International Monetary Fund – held preliminary talks with Greek finance officials Sunday but reached no decisions. Three Finance …Continue reading »
The number youths aged between 15 and 24 out of work in October rose to 56.6pc, compared with 22.1pc in the same month four years ago, statistics service ELSTAT said. Greece’s jobless rate has almost tripled since September 2009 as the country’s debt crisis emerged, and is more than double the average rate in the … Continue reading »
Greece / Agreement reached between euro zone finance ministers and the International Monetary Fund to reduce debt
The Greek government and financial markets were cheered on Tuesday by an agreement between euro zone finance ministers and the International Monetary Fund to reduce Greece’s debt, paving the way for the release of urgently needed aid loans. The deal, clinched at the third attempt after weeks of wrangling, removes the biggest risk of a … Continue reading »