Greek incumbent telco OTE is planning deeper wage cuts to help reduce its labour costs over the next three years by more than the EUR160 million (USD212 million) total targeted in a deal with its main employees union last year. Amidst Greece’s recession, OTE’s financial problems have been exacerbated by its domestic fixed line division losing around 100,000 customers per quarter, because, it says, alternative telcos can undercut its prices as they are not tethered by the strict regulation that the former monopoly must adhere to. In an interview with Reuters, OTE’s CEO Michael Tsamaz complained: ‘The regulator is causing OTE a bigger problem than the economic crisis.
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OVETEL OTE looks at further wage cuts to offset losses blamed on regulation
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