International Monetary Fund

Be allowed that his salary be reduced to 591 euros a month. Greece also announced the abolition of 75 public bodies. They are some of the measures of the new Greek austerity programme. Greek employers may hire young people offering them a wage lower than 600 euros. It is just one of the measures included in the labor reform that the Greek Government with the European Union and the International Monetary Fund, before giving green light to the new austerity program that must generate 50 billion euros in privatizations and other 28,000 million in cuts by 2015. One of the upcoming changes in the Greek labour laws will reduce salary for young people aged 18 to 25 in his first job, as published by the online edition of daily Greek Ekathimerini. In particular, will be allowed that the wages of young people is 20% less than the legal minimum established, fixed in 739 euros gross, which would stay in 591 euros. Other measures agreed by the Greek Executive polemics include the extension of contracts temporary three years, instead of the current two.

These measures are part of the negotiations that maintain the Mission of the European Commission, the IMF and the European Central Bank in Athens. There is no big disagreement, but is still pending work. We expect conclusions in the coming days, said the spokesman on Economic Affairs, Amadeu Altafaj. Also within these negotiations, Greece has decided to remove from October 75 public bodies that receive 2.7 billion annually in subsidies to save costs to the State, as announced by the Deputy Prime Minister of the Greek Government, Teodoros Pangalos. These public agencies employs more than 7,000 employees, among officials and temporary workers, and while the first will be relocated elsewhere in the State, temporary employees not be them renewed his contract and they will lose their job.

The Minister gave no details about the number of people who will swell the ranks of the unemployed to the not renovar be them the contract. Four weeks of negotiations The negotiations, which are already four weeks, focusing on the necessary fiscal consolidation measures that Greece meets the objectives of trimming the deficit in 2011 and the privatization programme, which aims to raise up to 50 billion euros. The troika must decide whether Greece is meeting the fiscal adjustment program that promised in exchange for the ransom of 110,000 million euros and a report on Greek debt sustainability. Its verdict is essential to unlock the next tranche of assistance amounting to 12 billion, to be paid at the end of June. It will also serve as a basis for designing a second bailout of Greece, since it assumes that Athens may not finance markets in 2012. The second rescue, of up to 60,000 million euros, will be negotiated at the meeting of Finance Ministers of the EU scheduled for June 20 in Luxembourg. The eurozone countries are still negotiating whether be required the participation of the private banks in the second plan, requiring them to accept a delay in the maturity of the Greek bonds or buying new ones expire those who have, or if this soft restructuring will be left for more later.