From ZeroHedge (by Steve Hanke of The Johns Hopkins University in Baltimore):"The EU fiscal austerity bandwagon keeps rolling on with Matteo Renzi, Italian Prime Minister and current President of the EU, holding the reigns. Indeed, Renzi recently went so far as to form an anti-austerity coalition with France and Spain. According to the coalition, its members simply cannot impose further spending cuts. They assert that their budgets have been cut to the bone. This claim is ludicrous." To be honest, mostly they are not 'overpaid' in terms of salary (except for Italy!); 3 or 4 times would be acceptable IMHO but let's not forget that most of these salaries are more than boosted (often at least doubled) by expenses etc.