Friday, August 09, 2013

Spain blasts 'rich' EU boss over wage cut plans...

Spain's economic and political heavyweights have attacked a European Commission official with a six-figure salary for backing a proposal to slash Spanish wages by 10 percent.

European Commission Vice President Olli Rehn on Wednesday supported an International Monetary Fund (IMF) proposal to bring down Spanish wages by a tenth.

Writing in his blog, the top economist — also the European Commissioner for Economic and Monetary Affairs and the Euro — backed a plan which the IMF claims could trigger economic growth and cut unemployment by 6 to 7 percent by 2016.

Rehn said he recognized the political difficulties of such a plan, but argued it "would be worth a serious try, for the sake of those millions of young Spaniards who are currently unemployed ".

But Spain's economic and political forces were quick to come out against the European Commissioner.

 "There are millions of workers (in Spain) who earn in a month what Rehn spends on two dinners," said Elena Valenciano, second-in-command with Spain's opposition socialist PSOE party. Full story...

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