Some context/perspective on the Austrian employment situation: * Salaries are typically quoted per month, but there is a bonus of 2 months's salary paid per year, so yearly gross is 14 x monthly. The bonus is taxed at a lower marginal rate (6%, no social security contribution, IIRC, vs 37.5% lowest marginal rate). * There is no fixed minimum wage in Austria. Instead, there is a collective bargaining system, which set…
Salaries are typically quoted per month, but there is a bonus of 2 months's salary paid per year, so yearly gross is 14 x monthly. Interesting. During the recent Euro crisis, when journalists discovered that some workers and officials in Greece enjoy a similar "extended year" of extra salary months, there was wide uproar across Europe about how the corrupted Greeks are being overpaid in ridiculous ways. In the EU it'…
Any solution to the current focus problem is paraded as a global solution.
But when the long ignored problems finally burst, the Press simply say 'the problem resurfaced' as if it had gone away somehow.
Relating to Austria, their banks were all wiped out lending to Hungary (more than 80% of loans to Hungary were Austrian)
There will be no mention of these zombie Austrian banks until one goes under. (Like Dexia)
---
from 2008:
http://www.economist.com/node/12564042?story_id=12564042
http://www.moneyweek.com/investments/stock-markets/the-plagu...
http://www.moneyweek.com/personal-finance/credit-default-swa...