Will Private Companies Follow Suit?

Posted on October 6, 2009 by Michael Stocker

Following the agreement reached between the Spanish Government and unions on public wages, the Bank of Spain will lower government salaries in the hope that the private sector will lower wages as well. The central bank said that lowering salaries in the public (and hopefully private) sector would lead to the “fiscal consolidation” necessary to help pull Spain out of its slump. (Spanish language)

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