The seventh austerity package was approved by the Hellenic Parliament in October 2012. In addition, the minimum number of years someone will have had to have worked to qualify for a full pension will rise to 40 years from 37. The situation in Greece today is very volatile. The first was the loan agreement while the second contained the measures agreed to secure the first tranche of the new loan. This reduced the combined power of these two parties from 236 to 193 seats, still enough for a majority of the 300-seat parliament. [46] The major European countries then agreed on a reduction of Greek debt. [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. Increasing taxes for those with a yearly income of over €8,000, An extra tax for those with a yearly income of over €12,000, An extra tax of 2% for combating unemployment. 12 Nov: Eurogroup and IMF agreed to consider a revised bailout plan. [52][53] German chancellor Angela Merkel and French prime minister Nicolas Sarkozy then issued an ultimatum declaring that, unless the referendum approved the measures, they would withhold an overdue €6bn loan payment to Athens, money that Greece needed by mid-December. Business Greece: reeling from austerity and a broken economy. The new bill (called multi-bill) hit mostly civil servants and retirees. Greece's austerity measures targeted tax reform. Extraordinary taxes imposed on company profits. Prime minister Alexis Tsipras, who is expected to hail the end of the bailouts with a televised address on Tuesday, said in June that Greece could start focusing on a “social state”. [151] The measures were approved by the Syriza-ANEL coalition with 153 votes. The bill froze wages and pensions until 2018. It lowered trade barriers, increasing exports. 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. This follows several years of continuous increases in pay, with salaries rising by an average of 30% since 2006. 10% additional rise for all imported cars. A debt sustainability report by the Troika, based upon full implementation of the package and the debt agreement, needed to show a sustainable outlook for the Greek economy, reducing the debt relative to GDP to 120% in 2020. ", "Ευ. A uniform pay scale for civil servants. The parliament failed to elect a president and the Samaras Cabinet collapsed. Women's retirement age increased from 60 to 65 to match men's retirement age. The fourth austerity package, commonly called 'The Medium-term Programme' or 'The June 2011 measures', was approved by the Hellenic Parliament in June 2011. ND, SYRIZA and KKE voted against the bill; however, Dora Bakoyianni of ND voted for the bill in principle and was subsequently expelled from ND. [128] It cut public sector expenses,[129] such as the Ministry of Health. “The commitments assumed by Greece for the future are clear. [50] As a result of this backing, the EU granted a quid pro quo of further austerity for a €100bn loan and a 50% debt reduction through PSI. The European Monetary Union loans would be pari passu and not senior like those of the IMF. 31 Oct: A reform package to enable privatisations was narrowly passed. Available for everyone, funded by readers, Capital controls imposed on depositors in 2015 will end, says new PM Kyriakos Mitsotakis, Union says foreign investment funds are exploiting ancient sites in Greece, Matteo Salvini claims Jean-Claude Juncker’s comments drove up Rome’s cost of borrowing, Alexis Tsipras brings in younger ministers to refresh government in run-up to crucial elections. [52][54] Papandreou cancelled the referendum the next day after the opposition New Democracy Party, agreed to back the agreement. The riot was one of the worst since 2010. The first round of measures was approved by the Greek parliament on 16 July 2015. [81] As the exact content of the package needed to be revealed before the Troika can reach its conclusion about the sustainbility of the Greek economy, it was expected this important report appear in the first half of November. Pension regulations, incorporation into Greek law of Directive 2012/27/EE of the European Parliament and of the Council of 25 October 2012, "For energy efficiency, the amending of Directives 2009/125/EC and 2010/30/EU and the repealing of Directives 2004/8/EC and 2006/32/EC, as amended by Directive 2013/12/EU of the Council of 13 May 2013 "For the adaption of Directive 2012/27/EU of the European Parliament and the Council for energy efficiency, due to the accession of the Republic of Croatia" and other provisions. Protection of the national economy - Emergency measures to tackle the fiscal crisis (Law 3833/2010), Measures for implementing the support mechanism of the Greek economy by the member-states of the Eurozone and the IMF (Law 3845/2010), Pension regulations, uniform pay scale - grading system, labour reserve and other provisions for the implementation of the Medium-term Fiscal Strategy Framework 2012-15. The austerity measures required Greece to improve how it managed its public finances. ", 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.

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