The financial leaders of the EuroZone and the IMF are mandating Greece implement a 22% cut in the minimum wage, and the finance ministers from 17 countries are meeting today to approve the deal.

It seeme to me this is a sure fire way to inflame the lower economic strata to cry out for remedy.  Is this another case of making the poor pay for the errors of the rich? 

Greece's minimum wage is 876 euros per month, which is higher than France, while Germany has none.  This will bring Greece's minimum wage into alignment with France.

With 25% of Greek wage earners already working illegaly, it seems to me the infrastructure is also weakened to the point where the government will be unable to hold things together and prevent anarchy.

I expect to see major push-back from the lower paid workers in Greece, and it's a shame to see such a failure of political leadership.

This could get very, very ugly.