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Six Day Work Week Suggested For Greece

in International Business

Six Day Work Week Suggested For Greece

In an email sent to the Greek Ministries of Finance and Labor, Greece’s international lenders have suggested that Greece should introduce a six day work week.

Other proposals made by the Troika in exchange for the second bailout include reducing the notice period before firing a worker, and cutting certain severance packages by 50 per cent by giving employers the right to reduce workers’ time in service. Restrictions on overtime are also expected to come into effect. These proposals were not included in the original bailout agreement signed with the Greek government.

The relationship between Greece and the Troika – which includes the IMF, the European Union and the European Central Bank, has been tense for months, after the Troika repeatedly accused Athens of failing to keep to its deficit reduction plan.

“Nothing has been done in Greece for the past three or four months,” a Troika official said during a July visit to Athens.

The Greek government has agreed to new cuts for 2013-2014, but warned the slashed budget wouldn’t be followed by additional cuts.

“This is the last such package of spending cuts,” Greek Prime Minister Antonis Samaras told a meeting of his conservative party’s officials last week. The government is currently drawing up plans on how to come up with $14.5bn worth of savings to satisfy the Troika.

Inspectors from the Troika are due in Athens this week, to write a report that will decide whether Greece receives its next instalment of bailout funds. .It needs the next payment of 31.5bn euros to allow it to continue servicing its debts.

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