As Greece Gets Sicker And Sicker, Here’s What’s In The Next Round Of Austerity Medicine

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So far, Greece austerity measures have been a disaster.The economy has worsened, there’s been no progress on the debt, and interest rates are higher than ever.

As the EU/IMF have no appetite at all for any kind of restructuring, Greece is preparing for a new austerity round, the details of which will be coming out in the coming days.

Kathimerini has a preview of some of the government’s plans to raise revenue.

Key details include:

  • A new levy on soft drinks.
  • More cuts to public servant allowances.
  • Lowering the tax-free threshold on property owners from those with assets of 400K EUR to 300K EUR (applied retroactively to 2010!).
  • An increase in the tax rate on large property holders.
  • A new natural gas tax.
  • Raising the VAT on several goods from 13% to 23%.