One thing I forgot to mention: Greece (and for that matter, all Europe) also has a problem on the other end of the cost equation: taxes.
The country already has a top income tax rate of 40 percent, and a value-added tax of 21 percent. In addition, employers pay 28 percent of salary for social security and employees pay 16 percent (more info here). It is no surprise that tax evasion is such a big problem.
So let’s hope this is yet another clue to Democrats and their pet economists.