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Greek Collapse Spurs Selloff, Greek Retirement Age as Early as 50

May 6th, 2010 2 comments

DJIA Loses 1000 point in minutes

DJIA Loses 1000 point in minutes

NEW YORK: The stock market sold off today in huge volume. A DJIA key support area of 9835 was nearly taken out as the Dow dropped 1000 points in minutes. Stocks recovered quickly but still ended the day down 3.2%. The selloff was in response to the collapse of the Greek economy and the enormous protests in that country due to conditions placed on bridge loans from the IMF and the EU.

Tear gas, riot police, fire bombs, rock throwing and violence abound in Greek streets as Greeks respond to inevitable reduction of benefits. One key benefit is their retirement age, as early as 50:

Vasia Veremi may be only 28, but as a hairdresser in Athens, she is keenly aware that, under a current law that treats her job as hazardous to her health, she has the right to retire with a full pension at age 50…

It is still difficult to explain to outsiders why the Greek government has identified at least 580 job categories deemed to be hazardous enough to merit retiring early — at age 50 for women and 55 for men. Read more…

Categories: Economy Tags: ,