It’s amazing how much of the Greek credit implosion has an employment dimension— partly as a cause, and partly as an effect. Bottom line: Productivity must keep pace with wages (e.g., Germany), or in time, a nation is living on borrowed time (and money). If we want more pay, we must earn it. Thanks to Time Magazine for this great graphic (click to enlarge): http://time.com/3949562/greece-referendum-greek-austerity-us/
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