Why is Greece last in the EU in terms of average hourly wage and purchasing power? The answer lies in the aftermath of a decade-long economic crisis. However, when we shift the focus to house prices, rents, and company profits, a different narrative emerges. Despite the debt crisis, property and business values have rebounded significantly, thanks in part to government policies that prioritize profit inflation over fair labor practices.
The imbalance between low wages and soaring profits has left many Greek workers struggling to make ends meet. With a third of employees earning less than 800 euros gross and 24% VAT deductions, the economic disparities are stark. Meanwhile, business profits have surged to 45.10% of GDP, widening the gap between the wealthy elite and the working class.
To address these inequalities, Greece must prioritize high-productivity sectors and modern technologies while strengthening collective bargaining and increasing the minimum wage. Without structural changes to support salaried labor and curb rampant profiteering, the country risks losing its skilled workforce and perpetuating a cycle of economic disparity.
It’s time for political leaders to prioritize fair labor practices and address the explosive wealth gaps that threaten the stability of Greece’s economy. Only by challenging the status quo and prioritizing the well-being of workers can we hope to build a more equitable future for all.