Overnight, Greece announced a new plan set to bring the country in line with EU directives on its budget.Government workers will have their vacation time pay cut 30% and their pensions frozen as a result of the new rules, according to the Times of London. Bonuses for government workers will also be impacted.
Nationwide increases to the value added tax, or VAT, will occur seeing taxes increase on all VAT eligible purchases to 21%. Alcohol and tobacco will see a tax rise of 20% and an 8 Euro cent increase on the gas tax will also be put in place. There will also be a luxury goods tax put in place, according to the Times of London.
This will all amount to $6.6 billion increase in revenue for the Greek government.