A law is being prepared to cut down wages!

Relevant government sources indicate clearly that the government seems to have prepared legislation which would at least freeze wages and "if needed, do something more" than the official assurances thus far that the payroll is a matter for discussion between the social partners.

The employers' organizations are scheduled to meet on Monday to reach a joint proposal with industrialists (SEV) about a freeze in salaries for this year, although the National General Collective Labour Agreement provides for increases of 2.5%, while retailers (ESEE) are proposing a freeze for two years.

However, the issue of cuts in earnings that come from the 3-year mandates, maturities and the elimination of the 13th and 14th salary in the private sector is back, with government and employers connecting the issue of reducing the average wage bill with the signing the new loan agreement.

At the same time, speaking on the CNBC TV network, IMF chief economist Olivier Blanchard, made official announcements about new structural reforms in Greece, including a "wage adjustment"…

Blanchard considers these measures a condition for the debt reduction agreement, returning to the position of the IMF for a haircut above the 50% margin, with relevant information, however, referring to the Fund's retraction of its position for a haircut of about 75% -80%, which would be disastrous for Greek banks.

PM Lucas Papademos and IIF chief Charles Dalara are in constant communication concerning the PSI and the haircut issue, with information from Washington speaking about a letter sent by Dalara to Athens on the progress of the talks in an especially dramatic tone.