Thursday, December 8, 2011

Mini-jobs for mini-pay

The faceless, unelected of the European Central Bank (ECB) have told the new Prime Minister-elect Mariano Rajoy what to do and he will happily do as they say.

The ECB wants wage cuts and the creation of "mini-jobs" to address the issue of youth unemployment in exchange for buying Spanish government bonds. These "mini-jobs" would pay salaries below the minimum wage, which in Spain is 541 euros a month.

Rajoy told union leaders that he would also use the letter from the ECB as a road map for policies aimed at ensuring that Spain remains in the vanguard of the euro zone.

Just the latest step in turning the Euro zone into a low-wage zone.

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