What Will A $15 Minimum Wage Do To New York State? Ask The Greeks

Among all the causes of the current unprecedented Greek crisis, one stands out -- strict labor regulations and employment guarantees, including job security, early retirement, and a generous minimum wage. Greece’s minimum wage rose from slightly below 600 euros in 2000 to close to 900 euros by 2011, according to Eurostat. That’s a 50% increase, exceeding the minimum wage increases of Greece’s closest peers, Spain and Portugal, according to the same source.