Greek Poverty Levels On the Rise

Greek Poverty Levels On the Rise

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Data just published by Eurostat showed dramatic deterioration of the living conditions in Greek households, as well as uneven distribution of weight in the population. This information was based on a sample survey in 2012 dealing with household incomes in 2011.

As pointed out by scholars of the INE / GSEE observatory who commented on the figures, the first half year of the memorandum, low and middle income groups suffered greater losses in comparison to higher income earners. Given the fact that in 2012 and 2013 the impact of the memorandum on household incomes were more intense, it is estimated that the current poverty levels are much higher and the living conditions of households are worse than what is reflected in the above data.

According to estimates of the gap (or depth) of poverty, 1 out of 2 people suffering serious financial difficulties in 2011, had a monthly income of less than 334 euros.

Within just one year, from 2010 to 2011, the monthly disposable income of middle class people fell from 915 euros to 793 euros. This reduction reveals a significant decrease in incomes of the middle classes in the country.

The index of material deprivation, that is, the percentage of households that are unable to meet at least 3 out of 9 basic needs, amounted to 33.7% in 2012 compared to 21.8% in 2008.