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IMF preliminary DSA finds Greek debt unsustainable, points to need for debt relief
EconomyProgramme36 billion. These additional funding needs stem from: 1) Lower fiscal targets (additional needs... targets for the next years: at 1 percent of GDP for 2015 (from 3 percent), 2 percent in 2016 (from 4.5... of Greece fell to less than 1 billion at the end of May against a target of 5 billion in 2015 and 8
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The key numbers behind the latest Greek proposals
EconomyProgrammewill target net revenue gains of 1 percent of GDP on an annual basis, which is similar to institutions’ proposal. Since the changes are effective as of July 1, the additional revenues correspond to 900 million... permanent savings of 0.25 – 0.5 percent of GDP in 2015 and 1 percent in 2016, in line with the institutions
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Greece and creditors try to untangle pension complications
EconomyProgrammeParliament on July 15 included the following pension-related interventions: 1) Health contributions...) for supplementary pensions retrospectively as of July 1. This means that pre-tax pensions... 1, 2015. 3) As of January 1, 2016 the state’s guaranteed social security contributions to main
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These are the bailout deliverables expected from Greece in September
EconomyProgrammewithin the tenure of the caretaker government, include: 1) Finalise a medium-term technical assistance... by September 1 all supplementary pension funds into the Unified Auxiliary Insurance Fund (ETEA) and ensure that all supplementary pension funds will be only financed by own contributions from January 1, 2015
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Pension reform to be one of new government's toughest challenges in next weeks
EconomyProgrammegovernment had voted on July 15 a series of pension reforms, which mainly included: 1) An increase... contributions (zero-deficit clause) from January 1, 2015. A ministerial decision for the integration of 11 supplementary funds into ETEA was signed on August 25 and become effective as of September 1
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Athens and creditors edge closer on tax and pensions but gap remains on NPLs
EconomyProgrammeissues that need to be settled are: 1) The national pension, with lenders insisting the whole amount... contributions for supplementary pensions, but at a lower rate of up to 1 percentage point (pp) vis... of pension cost savings of 1 percent of GDP (1.8 billion euros) in 2016 to be met. Such a development would
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Greece and creditors eye compromise to move review along
PoliticsGreek Politicsof measures (1 percent of GDP from pensions, 1 percent from direct taxes and 1 percent... of the measures, particularly the 1 percent of GDP in extra fiscal interventions, and doubts... should resist demands from the IMF for the 1 percent of GDP in supplementary measures (which
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EU and IMF bailout drafts confirm conditionality as well as differences on primary surplus
EconomyProgrammetarget of 3.5 percent by 2018 that would be covered by: 1) A holistic pension reform yielding savings of 1 percent of GDP and would also compensate for the Council of State decision ruling... tax reform (1 percent of GDP), including a lowering of the tax-free threshold to 8,182 (compared
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Newsletter 70 - 15/04/2016
of 3.5 percent in 2018 that would be covered by interventions in the pension system (1 percent), personal income tax (1 percent) and a series of parametric measures (1.2 percent). The draft IMF... pension reform (1 percent) and personal income tax (1 percent) as well as from VAT reform and the wage
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Tsipras sails through multi-bill vote, looks to disbursement and debt relief
PoliticsGreek Politicsall of his 153 MPs support the legislation despite it containing another 1 percent of GDP in tax.... Other late changes saw the tax on beer increase from June 1, 2016 (instead of of Jan 1, 2018) and a broadband levy introduced from Jan 1, 2017 (instead of Jul 1, 2017). However, Tsipras saved the most
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