Daily Management Review

Greek parliament adopts new austerity measures


05/19/2017


The Greek Parliament voted for a new package of austerity measures necessary to receive the next tranche of multibillion financial assistance, the BBC reported.



Joanna via flickr
Joanna via flickr
The bill was supported by 153 deputies out of 300. Meanwhile, in the center of Athens there was a clash of protesters against austerity measures with the police.

In accordance with the agreement with foreign creditors, Greece should achieve budgetary savings of about 1% of GDP in 2019 due to a reduction in pension costs, as well as another 1% of GDP in 2020 by lowering the income threshold at which the income tax begins.

The government should also implement labor reforms, privatize a number of assets and take a number of measures to improve the competitiveness of the economy.

Eurozone finance ministers will gather on Monday to assess the effectiveness of reforms in Greece and consider the issue of giving Athens another tranche of € 7.5 billion.

Speaking after the vote, Greek Prime Minister Alexis Tsipras stated that Greece had fulfilled its reform obligations and now expects creditors to agree to a debt relief.

"Now it's their turn to fulfill their obligations, as we did", he told journalists. "We deserve, and we expect the Eurogroup's decision on Monday to regulate the debt relief that will correspond to the sacrifices of the Greek people".

About 10 thousand people took part in protest actions against toughening of measures of economy near the parliament building. Several protesters threw Molotov cocktails into the police, in response they used tear gas.

The figures published earlier this week showed that Greece has returned to the recession for the first time since 2012.

Greece's GDP in the I quarter of 2017 decreased by 0.1% after a decrease of 1.2% in the IV quarter of 2016.

source: bbc.com






Science & Technology

Retailers Could Transform The Market Scenario Into Smart Shopping Experience For The Consumers With The Cloud

A Way To Unlock Wannacry Without Ransom Found By French Researchers

China to introduce face recognition payment system

Clues To Ransomware Worm's Lingering Risks Found By Security Experts

Nasdaq Brings ‘Analytics Hub’ To Provide Enhanced Trading Experience

Through XFi Launch, Comcast Moves Closer To Home Connectivity

Is SWIFT really safe?

Uber To Take The Skies To Fly Its Cars

Virtual reality market reaches point of disillusion

Newly Developed ‘Artificial Photosynthesis’ Device Converts CO2 Into Car Fuel

World Politics

World & Politics

Seven best tourist destinations in Europe

Germany and France set up to stabilize the eurozone

Greek parliament adopts new austerity measures

Academic Says, Trump's Downfall Is Kept At Bay By White Identity Politics

Germany Will Not Sign Any Statement On ‘China's Belt and Road Forum’ Without Equal Rights On Free Trade

The Fear Of Renewed Large-Scale Cyber ‘Ransomeware Threat’ On Monday Grip The World

ASEAN's Next 50 Years Could Be Shaped By These Three Ideas

US to expand the airline electronics ban