A leaked letter obtained by the BBC detailed the proposal by the troika, which included other plans such as introducing a single rate statutory minimum wage, reducing regulatory burdens, creating flexible working schedules and eliminating restrictions on the minimum and maximum time between morning and afternoon shifts.
The BBC noted that the moves would “liberalise the labour market,” while MarketWatch added that Greek firms would still be able to comply with EU labour rules, which includes a directive that forbids workers from averaging more than 48 hours per week over a four-month period, even after the proposal was implemented.
Additionally, The Guardian also claimed that the troika had called for Greece’s national labour inspectorate to be radically reformed and put under European supervision.
In an interview with CNN on Wednesday, Greek economist Yanis Varoufakis however felt that the troika's diagnosis of Greece’s labour market was "utterly erroneous", but admitted that the message would be welcome by other eurozone electorates.
Varoufakis, a professor of economics at Athens University, added to Sky News that an extended working week "would not make any difference whatsoever" if it was introduced.
"Greece is an economy in depression – labour costs are very low, but what is even lower is demand for products.”
"Employers do not employ people simply because they fear there will not be any demand for their products… And the more they hear that wages will be going down in real terms, the more they fear that there won't be demand to make the world go round for them."