Continue to say nothing and especially do nothing. If you believe to be accomplice will spare you the wrath of the markets, you put your finger in the eye to the brain... Each one his turn my good lady... Patience, patience, when they will have finished having fun with Greece they will think back to us... By the way, from what I understand, it won't be long... :(
e-Kathiremini reports the results of a study by the Public Policy Analysis Group of Athens University of Economics and Business that 44% of Greeks currently live below the 2009 poverty line! 14% of Greeks live in extreme poverty alone (compared to 2% in 2009).
"The group's report suggests that during the crisis, instead of increasing support for the unemployed - which is one of the most effective methods of reviving demand - the state was forced to reduce it.
He adds that, in addition to the austerity policies of recent years, the State's inability to contain the collapse of social structures is due to the absence of targeted strategies and the inefficient use of resources, problems that stuck to Greece even before the start of the crisis." (Katherimini)
[The precise sentence in the study is: "the social protection system in Greece has failed to respond to the increase in the number of unemployed"]
It is advisable to analyze the study by respecting the treatment operated by the authors who distinguish 3 variables.
1° The poverty rate for 2013, calculated through the number of people under threshold of 60% of the median income of 2013.
2° The poverty rate for 2013, calculated through the number of people under threshold of 60% of the median income of 2009 (at constant prices)
Inline The extreme poverty rate (measured from a threshold estimated according to the cost of a basket of basic products to ensure a decent standard of living €233 per month for a single person - €684 for a couple with two children).
Here are the results of the study:
Inline The poverty rate for 2013 calculated through the number of people below the threshold of 60% of the median income of 2013 (median income 720 euros: poverty line 432 euros for a single person, 908 euros for a couple with two children) is 22.3% against 19.4% in 2009 and 21.4% in 2012 (calculated in relation to the median incomes of 2009 and 2012). (table on page 3)
Inline The poverty rate for 2013 calculated through the number of people below the threshold of 60% of the median income of 2009 (at constant prices) (median income 1108 euros: poverty line 665 euros for a single person, 1397 euros for a couple with two children) is 44.3% ! (table on page 5)
This is the percentage of the population which, with its 2013 income, would have been considered to be below the poverty line in 2009 before the outbreak of the crisis.
This measure is particularly relevant to measure the "real" poverty of the country. Indeed, if the poverty rate calculated on the basis of the median income of 2013 (1°) increases little, it is above all because the median income in Greece has decreased by 388 euros in 4 years since 2009, i.e. a 31.4% drop in median salary in 4 years.
Taking into account the poverty line of 2009 makes it possible to measure the poverty rate of the Greek population compared to the "normal" income before the crisis. What is the poverty felt compared to what Greeks earned and how they lived in 2009.
The estimate of the rate is conservative because it is based on constant prices since 2009. However, if Greece is in deflation this year, its consumer price index was positive in 2009-2010-2011-2012 and deflation this year (-2.9%) does not compensate for the inflation of previous years.
Inline The extreme poverty rate (€233 for a single person - €684 for a couple with two children) is 14% compared to 2.2% in 2009 and 10.8% in 2012.
It is high time to congratulate ourselves that the GDP of Greece increases by 0.1 point.
Source (s): Alternative-points-of-view.com via Master Confucius
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