Saturday, June 25, 2011

€ crisis: new savings program shocked Greece

The Greek public has reacted with horror to the first details of the new austerity program of Prime Minister Georgios Papandreou. "It is the coup de grace for our income," headlined on Friday, the left-liberal newspaper "Eleftherotypia".

The conservative tabloid "Eleftheros Typos", commented: "Unbearable fight the taxes." The new Finance Minister Evangelos Venizelos had presented the fiscal details of the program on Thursday evening.

Depending on income class, the Greeks must therefore pay a solidarity tax of between one and four percent of their income. For all ministers, parliamentarians, senior officials and other persons elected as mayor, the solos will be five percent of the annual tax income.

"But that's not enough," said Venizelos. Professionals such as lawyers, plumbers, electricians will have to pay, in addition to normal taxes an additional 300 euros to the state. This has affected some 550,000 people. In addition, the tax allowance will be reduced from the current 12,000 euros to 8000.
The program, which also provides for the sale of state property in a volume of 50 billion euros, should be approved by the end of next week by Parliament. The EU makes further aid payments and a new rescue package depends on it.
Venizelos announced a new tax law to prevent tax evasion. In addition, an extra property tax levied for property whose value exceeds € 200,000. A "major intervention" will there be in the public sector, said the minister, without having to provide information on the amount of wage cuts for civil servants.

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