It is true that Greece can survive within the euro onlywith a gruelling downward adjustment of wages and prices, which demands painful budget cuts and structural reforms.
Transparency and accountability are critical walls of a governance foundation that not only supports sound pay decisions but also adds structural integrity to the process of discussing compensation with stakeholders.
This is a serious structural issue with the way that the European monetary system was constructed: the ECB is tasked onlywith guarding inflation, and not with ensuring the health of the banking system.