Labor Union report says 4 in 10 Greek live in absolute poverty

25% reduction in real purchasing power

A new report published by the General Confederation of Greek Workers Union (GSEE) says 4 in 10 Greeks workers are living in total poverty. The findings of the report were sent to Greek PM Alexis Tsipras and to the Governor of the Bank of Greece, Yannis Stournaras. The Union’s study reveals that the deregulation of the labor market due to the harsh austerity policies followed by successive governments have had a destructive impact on the workers living in total poverty. The percentage of workers living in absolute poverty in 2009 was 7.6 per cent, while this number rose to a staggering 37.4 per cent in 2012! Those hit hardest, according to the report, are workers employed on a part time basis, as the percentage living in total poverty rose from 30.1 per cent in 2009 to 51.7 per cent in 2014! The reduction of real purchasing power for workers with a minimum wage between 2010-2014 amounted to 25 per cent.