EU, IMF Demand 20% Cut in Greece’s Minimum Wage, Ta Nea Reports

A mission to Greece by the European Commission, the European Central Bank and the International Monetary Fund wants the country’s minimum wage cut to 600 euros ($791) a month, from 751 euros, Ta Nea reported, without saying how it got the information.

The delegation from the three institutions, known as the troika, is setting conditions for a new financing package for Greece that include reforms such as abolition of special labor agreements at state enterprises and banks, the Athens-based newspaper said.

The troika officials rejected a proposal from Greece’s Labor Ministry to freeze private-sector salaries for three years and is demanding that twice-yearly holiday bonus payments are reduced or abolished, Ta Nea said.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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