Greece’s troika of international creditors from the European Commission, European Central Bank and the International Monetary Fund are calling for the limits of “excessive reduction” of wages in the public sector to be lifted so that salaries can further be lowered from January 1, 2015. There are indications that the Government has already agreed with the troika regarding these reductions.

Public sector wages had already been reduced by 35-40% as a result of the recession, however it appears that another 5-15% will be cut. Sources state that limitations to excessive reductions had concerned high-ranking officials of the Finance Ministry whose salaries had been frozen, however the salary reductions from January 1, 2015, may be in excess of 50% from wages they had received four years ago.