Plenty of pain but no gain

[Maik]

Wage cuts without competitive gains
International Monetary Fund research highlights troika's failed policies in Greece

According to an analysis produced by IMF (International Monetary Fund) researchers, drastic wage cuts in Greece have failed to improve competitiveness and contributed to a fall in productivity as domestic demand collapsed

The document makes it clear that the adjustment approach demanded in particular by European institutions for Greece has largely failed so far, achieving little other than soaring unemployment and a collapse in domestic demand.

http://neoskosmos.com/news/en/Wage-cuts-without-competitive-gains

Domestic Tourism Drops by 50 %

Although Greek hoteliers claim that occupancy has reached 100% this year, it appears that the majority of customers are foreigners.

Greek Tourism Minister Olga Kefalogianni admitted that this year domestic tourism dropped by almost 50%.

http://greece.greekreporter.com/2014/08/05/domestic-tourism-drops-by-50/