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Minister Of Finance Asks Listed State – Controlled Firms To Cut Wages

Greek government is pushing state-controlled companies, listed in Athens Exchange, to cut their wages in line with recent legislation for other state-controlled companies, according to Dow Jones Newswires.
The legislation, introduced last week, urges 52 state-owned firms to cap salaries, cut bonuses and slash wage costs. The majority of these are loss making and heavily in debt.
The Minister of Finance, George Papaconstantinou, said Wednesday that he has sent letters to the management of these companies, extending the austerity measures to listed companies that the state has substantial or controlling stakes, says the news agency.
“In our letters we are asking that initiatives be undertaken by listed companies [controlled by the state] to adjust total payroll cost and bring them in line with levels that reflect the public finances of the country,” Papaconstantinou said in a statement.
This will lower payroll costs significantly for many listed companies, including betting monopoly OPAP SA, Public Power Corporation SA, Hellenic Telecommunications Organization SA, ATEbank SA, Hellenic Postbank SA, water utility companies in Athens and Thessalonica, as well as the listed port authorities of Piraeus and Thessalonica.

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