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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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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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Stournaras presents debt relief plan with maximum benefits for Greece, minimum cost for lenders
EconomyMacroeconomyratio of 180 percent a reduction in the average interest rate by 1 percentage point (pp) reduces the debt ratio by 1.8 pp, while a rise in the primary surplus by 1 pp of GDP lowers the debt ratio by only 1 pp. Last May’s Eurogroup set the goals for gross financing needs (GFN) below 15 percent of GDP
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Greece agrees package of measures with IMF, eurozone to seal review
EconomyProgrammeas the pension cuts and reduction in the tax-free threshold yielding 1 percent of GDP each in 2019 and 2020... involve spending increases in 2019 and tax relief in 2020 to the tune of 1 percent of GDP each... to net pension savings of 1 percent of GDP in 2019 by extending the rules of last year’s pension
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Details of technical agreement between Greece and lenders set out in draft sMoU
EconomyProgramme(MTFS) for 2018-2021, a pension reform with net savings of 1 percent of GDP in 2019-2021 and a personal income tax (PIT) reform also delivering net savings of 1 percent of GDP in 2020 and 2021... assessment. Furthermore, a targeted spending package and a growth-enhancing tax package each yielding 1
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