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Bureaucrats across the board are affected. Minimum wages, holiday benefits, and severance pay will be reduced.
Education will also be hit hard. Universities will be shut. Mass staff reductions will follow. Retirement will be raised from 65 to 67. Job protections are weakened. Layoffs are now easier. Redundancy notice was decreased from six to four months.
The done deal isn't quite complete. On November 11, parliamentarians have to meet Troika officials. Their revised budget must be approved.
Greece also wants more. It seeks a further "emergency growth package." It's worth another 10 billion euros. It's nowhere near enough for what Athens needs. Expect more bailout deals to follow.
On November 5, Greek journalist walked out for the second time in a week. They're protesting plans to merge their social security fund with a national system.
Finance Minister Yannis Stournaras initially couldn't get a parliamentary agreement to merge the social security funds of journalists, civil engineers, lawyers, and others into the National Organization for Healthcare Provisions (EOPYY). On November 7, the measure passed.
Greece stands at the abyss of collapse. It's mired in deepening Depression. Since 2007, it's economy shrunk nearly 22%. It continues heading south.
Ordinary Greeks bear the greatest burden. Multiple rounds of wage cuts, layoffs and lost benefits created unforgivable hardships.
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