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






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