[15][16], On 2 May 2010, a loan agreement was reached between Greece, the other eurozone countries, and the International Monetary Fund. The first multi-bill was approved by Greek parliament on 28 April, receiving 168 votes. During the first 2.5 years after the May 2010 bailout, Greece had managed to sell public assets only worth €1.6bn.
€13.5 billion austerity package for 2013 and 2014, of which the Troika needed the government to deliver a specification of how they would achieve €1.5 billion spending cuts for 2013 (mostly related to cuts for the health sector, defence, reform of local authorities and public sector) and €2 billion measures scheduled for 2014 (mostly related to tax hikes). The sixth austerity package was approved by the Hellenic Parliament in February 2012.
It was decided to reject the call from the Democratic Left to attempt a further revision of the already negotiated labor market reform. [36], On 19 August 2011 the Greek Minister of Finance, Evangelos Venizelos, said that new austerity measures "should not be necessary". A whole raft of measures, which include huge cuts to Greece's public sector, have been announced since December last year, when the Greek government acknowledged the need to tackle Greece's dire public finances. Annual bonus payments - paid as 13th and 14th month salaries - will also be scrapped for high earners and capped for lower earners.
", First Economic Adjustment Programme for Greece, Report of the Standing Committee of Financial Affairs, Third Economic Adjustment Programme for Greece, Joint Report of the Committees of Finances, Social Affairs, Production and Trade, Public Administration and Justice, Amendment 233/27 Judicial procedures, Arrangements for over-indebted citizens, Joint Report of the Committees of Finances, Social Affairs and Production and Trade, Amendment 4/4 Tax investigation statute of limitations extension, "No EU bailout for Greece as PM promises to 'put house in order, "Πάγωμα μισθών και περικοπές επιδομάτων ανακοίνωσε η κυβέρνηση", "Greece seeks activation of €45 billion aid package", "Greek minister says IMF debt talks are 'going well, "Greek Bailout Talks Could Take Three Weeks; Bond Payment Looms", "Europe Looks at the I.M.F. 08 Nov: The Eurogroup held an extraordinary meeting. The seventh austerity package was approved by the Hellenic Parliament in October 2012. Freelancers would be subject to a gradual increase from 55 to 75 percent in advanced tax payments for income earned in 2015, increasin to 100 percent in 2016.
The loans should cover Greece's funding needs for the next three years (estimated at €30 billion for the rest of 2010 and €40 billion each for 2011 and 2012). Currently the average age of retirement in Greece is 61, though it is not uncommon for public sector workers to retire in their 50s.
The reform was expected to boost the value of exported goods 10%, while also creating 80,000 jobs and resulting in an extra GDP growth of 1.7%. €325 million out of the total €3.3 billion austerity package for 2012 needed to be specified in the form of some exact "structural expenditure reductions", to be outlined and passed by a separate bill.
The bill's title was Ratification of the Financial Assistance Draft Contract by the ESM and provisions for the implementation of the Financing Agreement.[138]. [72][73], Despite its position as one of the ruling parties, the Popular Orthodox Rally voted against the plan and withdrew from the government.
Some workers from the public sector would lose as much as 30% of their salaries.[118]. The combined majority was reduced to 165/300 and that the majority for the two most reform-friendly parties was only 151 MPs. [122][123] Democratic Left (DIMAR) had withdrawn from the governing coalition in June. [74] The vote was a major precondition for the EU and IMF to jointly release the funds, which are supposed to cover all financial needs in 2012 and 2013, with the hope that Greece can start lending again at the private capital markets in 2014. The first round of measures was approved by the Greek parliament on 16 July 2015. [56] By contrast, three separate polls taken when Papademos assumed office revealed that around 75% of Greeks thought that temporary, emergency technocratic rule was "positive". [80] If the Eurogroup approved the content of the negotiated deal, it would be submitted for a final approval by the European heads of state at the EU summit on 18 October. Greece's austerity measures targeted tax reform.
31 Oct: A reform proposal to merge the social security funds of journalists, civil engineers, lawyers and others with the National Organization for Healthcare Provision (EOPYY), did not pass. [130] It provided that the primary surplus in 2014 would be 2.3% of GDP (€4.19 billion) 5.3% (€11.585 billion) in 2018.[128]. 07 Nov: The Greek parliament voted for the labor market reform, the proposal for merging various social security funds with the National Organization for Healthcare Provision (EOPYY) and the. [46] The major European countries then agreed on a reduction of Greek debt. The ninth austerity package was approved by Parliament on 9 May with 150 votes. το νέο πακέτο φορολογικών μέτρων", "Tax hikes threaten to brew up a storm for Greece's coffee drinkers", "Finance Ministry ups 2017 budget primary surplus estimates on higher revenue projections", "Greece adopts more austerity measures in bailout bid", "Hefty cuts to tax discount and pensions", "Greek parliament passes austerity cuts as Molotov-throwing protesters clash with police in Athens", "Greek parliament approves more austerity measures amid protests", https://en.wikipedia.org/w/index.php?title=Greek_austerity_packages&oldid=960014465, Articles with dead external links from January 2020, Articles with permanently dead external links, Pages using collapsible list with both background and text-align in titlestyle, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from November 2011, Articles needing more detailed references, Articles containing potentially dated statements from May 2010, All articles containing potentially dated statements, Pages using a deprecated parameter in the legislation infobox, Creative Commons Attribution-ShareAlike License, 6 May 2010 (For: 172; Against: 121; 3 Abstentions), 29 June 2011 (For: 155; Against: 138; 5 Abstentions), 12 February 2012 (For: 199; Against: 74; 5 Abstentions), 31 October and 7/8 November 2012 (For: 153; Against: 128; 18 Abstentions), 1. 12 Nov: Eurogroup and IMF agreed to consider a revised bailout plan.
Under the planned changes, the retirement age, which is currently 65 years for men and 60 years for women, will be linked to average life expectancy. Armed forces pensions revert to the 3865/2010 Law regime. It emerged after a promise by the Greek prime minister in the World Economic Forum of Davos, Switzerland [1] to take measures to reduce the country's deficit.
The revenues collected from the privatisation program was in March 2012 forecasted not only to reduce the debt by €50bn, but also to generate an extra €60bn investments from the buyers, resulting in €3bn extra annual tax revenues for the government and 50,000 jobs; raising annual GDP growth by 1%. Farmers’ income tax to be paid in advance would rise from 27.5 percent to 55 percent.
Initially, the package only dealt with those €13.5bn of measures (comprising €10bn spending cuts and €3.5bn tax hikes) for implementation in fiscal year 2013 and 2014. The government's proposal was that the financial budget for 2013 should implement the first €7.3bn of spending cuts and €0.5bn of tax hikes; with the remaining cuts scheduled for 2014. This was finalised on 29 October.
The tax-free threshold for income tax would be lowered from €12,000 to €5,000. This article details the fourteen austerity packages passed by the Government of Greece between 2010 and 2017.
Indirect taxes - including those on alcohol, fuel and cigarettes - will see a 10% rise. Diesel fuel tax for farmers going from €66 per 1,000 liters to €200/1,000 liters from October 1, 2015, and to €330 by October 1, 2016. The deal consisted of an immediate €45 billion in loans to be provided in 2010, with more funds available later.
Written commitments from the main party leaders had to be filed to guarantee their continued support for the program, both before and after elections in April. Under the terms, all the holders (banks, pension funds, insurers and others) of €206 billion in government bonds, would have to write down the face value of their holdings by 53.5%, by swapping bonds they held for longer-dated securities that pay a lower coupon.
[124] The next day, a general ban on demonstrations was enacted and 4,000 police officers mobilized to avoid larger protests in the Greek capital during Schäuble's visit.[125]. With Unease as Greece Struggles", "IMF head Strauss-Kahn says fund will 'move expeditiously' on Greek bailout request", "Προσφυγή της Ελλάδας στο μηχανισμό στήριξης ανακοίνωσε ο πρωθυπουργός", "The Greek spirit of resistance turns its guns on the IMF", "Three Reported Killed in Greek Protests", "Greek parliament votes in favour of austerity measures", "Papandreou Wins Vote on Second Greek Austerity Bill in Bid for More EU Aid", "Greek finance minister welcomes austerity bill approval", "Greece police tear gas anti-austerity protesters", "Greece Approves Pension Overhaul Despite Protests", "Greek pensions: Why they are a flashpoint", "Greek Bailout Talks Could Take Three Weeks", "Greece Gets $146 Billion Rescue in EU, IMF Package", "Why the Euro Crisis is a Political Crisis", "The Submarine Deals That Helped Sink Greece", "Βροντερό όχι στο Μεσοπρόθεσμο από τους διαδηλωτές", "Διαδηλώσεις για το Μεσοπρόθεσμο σε όλη την Ελλάδα", "Ψηφίστηκε το Μεσοπρόθεσμο πρόγραμμα στη Βουλή", "Horst Reichenbach named head of European Commission task force for Greece", "Τι προβλέπει το Μεσοπρόθεσμο – Διαβάστε όλα τα μέτρα", "30 ερωτήσεις και απαντήσεις για μισθούς και συντάξεις", "Φοροκεραμίδα 4 δισ.
The measures include:[133][134], The second set of measures passed on 23 July changed the Code of Civil Procedure.[135][136]. [24][25] The interest for the eurozone loans is 5%, considered to be high for a bailout loan. The 2 percent tax break for single payments on income tax is also being abolished from January 1, 2015.
[6][7][8] The IMF had said it was "prepared to move expeditiously on this request". Since publishing this list in May 2010, people wonder if these measures have been carried out as promised or if Greece is dragging its feet. Mechanism introduced to scale general pension age to life expectancy changes. [38] On 20 August 2011 it was revealed that the government's economic measures were still off track;[39] government revenue went down by €1.9 billion while spending went up by €2.7 billion.
Teatv Apk, Mr Magoo - Youtube, Warwick Movie Theaters, Cineworld Financial Calendar, 1934 Cole Porter Musical, Bullet Synonym, Walking Dead, Clementine Love Interest, Showrooms Cinema, Temple Women's Soccer 2019, In Addition Synonym Phrase, André Masson Battle Of Fishes, Shoshanna Lonstein 2020, My Roblox Account Password, How Long Are Underway Navy, University Of Montana Theatre, Fear The Walking Dead Morgan Death, Focus Sigrid Chords, Cgv Today, Supernatural - Season 15 Number Of Episodes, Gacha Life Songs Dynasty, Ball State Volleyball Coaches, How Many Bridesmaids, Stevie Nicks Stand Back Album Cover, How Does Changed App Work, National Cinema Definition, Aldi Hr Contact, Palm Beach Atlantic University Scholarships, Movies Filming In Seattle 2019, Syngin Name, Usf Ent Id, I Started A Joke Karaoke, Caravan Meaning In Urdu, Samuel Goldwyn Films, Ottawa Redblacks Coaching Staff 2020, Robinhood Glitch Explained, San Francisco Symphony, Mulan Event Cinemas, Sun In The Morning Quotes, Fosu-mensah Potential Fifa 20, Death Of A President, Mirage 2019, Kajillionaire Trailer Song, Cinema Sundays At The Charles, Cbs Television City Map, Where Is Rocketman Streaming, Odeon Cancel Booking, Vue Router Permissions,