10 Ways the Greek Government Screwed Their Economy
5.Created a socialist paradise for the public sector
Until t he rude awakening of 2010 the Greeks lived in a socialist utopia. Higher education, stipends and food for students was provided for free by the State. Public sector workers were entitled to fourteen month salaries for a year’s work, in addition to social benefits and various bonuses. Job security was unrivaled, it was nearly impossible to fire a government worker. Even in the private sector, the owners were not allowed to lay off more than 2% of their workforce in a year.
A stable government job became available to a vast segment of the population, and the public sector constituted 40% of the economy. Only the tourism industry and the merchant fleet remained in private hands while virtually every other enterprise was nationalised. The government was full of useless commissions and committees whose sole purpose was to provide employment for the public.
