Photo: y ΠΑΣΟΚ, Flickr
Dow Jones reports that Greece just passed a new property tax, part of a string of new austerity measures up for a vote over the next few weeks.The vote was highly anticipated because of increasing opposition to PM George Papandreou’s government from within his own Socialist party. Austerity measures have provoked massive protests throughout the last month, as Greeks start to tire of crushing spending cuts.
Nonetheless, the bill’s passage does not come as a surprise.
The bigger hurdle for Greece will come in the next few weeks, when the parliament will vote on pension cuts, public sector layoffs, and tax increases.
Spending cuts are necessary to ensure that Greece receives the next round of ECB/EU/IMF troika aid in October. Earlier this month, it appeared that the country would not meet its privatization and deficit-reduction goals without further austerity.
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