
The standard of living for the people of Greece has dropped dramatically since the signing of the first “memorandum” — the agreement signed by the Panhellenic Socialist Movement (PASOK) government with the IMF and European Union (EU) representatives last May.
The agreement has meant — among other things — unprecedented salary cuts, a rise in the allowed number of dismissals and a reduction in termination pay, and a cut in the minimum wage for those entering the workforce.