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How big is the gap separating Greece and the institutions?
EconomyProgrammefor 2016 (2.87 percent of GDP) that would result in a primary surplus of 1 percent of GDP for 2015... on revenues of 1 percent of GDP on an annual basis compared to the 0.74 percent proposed by the Greek... to this year since the new VAT rates will be effective from July 1. Apart from the total estimated
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This is what's in the legislation Greece has to approve by Wednesday night
EconomyProgrammepercent discount on VAT rates applied to islands will start from October 1 for islands with higher... 1, 2016. Tax measures The tax rate on insurance fees increases to 25 percent (from 20 percent... for higher income it increases. In specific, for annual income: 1) Between 12,000 and 20,000 euros
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Omnibus bill goes to Parliament as Greece seeks to unlock 2 bln sub-tranche
EconomyProgramme. The key measures included in the draft legislation are as follows: Pension 1) The statutory retirement age limits gradually increase as of August 19 until January 1, 2022. 2) The minimum pension amount will not be granted to those retiring after July 1, 2015, who have not reached the age of 67
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Q2 GDP rebounds 0.2 pct QoQ but shrinks 0.9 pct YoY amid consumption drop and investment rise
EconomyMacroeconomyof 0.9 percent year on year (YoY) in Q2 from a revised decrease of 1 percent in Q1. Today’s figure... a decline by 1 percent in Q1. The key positive contributor to the GDP evolution in Q2 is investments, which grew by 1 percent QoQ and by 7 percent YoY. In contrast, private consumption fell by 0.2 percent
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Greek 2013 primary surplus confirmed at 1.5 bln euros
Economydebt, 1 billion to reduce state arrears and 500 million would be given as a “social dividend... the reduction of social security contributions by 3.9 percentage points (2.9 for employers and 1 for employees), which will be effective from July 1. The MoF insisted on Wednesday that it could still meet
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A closer look at Greece's revised proposals to lenders
EconomyProgrammewith those of the institutions and now sees a primary surplus target of 1 percent of GDP for 2015... include: 1) Increase in the corporate income tax rate by 3 percentage points to 29 percent from 26... are coming on top of measures that were also included in the previous proposal and involve: 1) Revenues
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Greece's updated proposals to lenders and how they compare to previous efforts
EconomyProgrammein the previous proposal. The pension interventions include: 1) Early retirement restrictions totalling... the cut by 3.9 pp that was implemented by the previous government as of July 1, 2014. At that time... with estimated revenues at 135 million in 2015 and 270 million in 2016. This corresponds to a 1 percent
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We can't ignore population shifts within the European Union
Agoraof the Netherlands.[1] These books are forward looking and start with an analysis of the demographics of each... from the east and south to the north and west. Table 1 below presents the data per country... in table 1, grew from 344 million to 468 million people between 1950 and 2020. The UN projects
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Where is Odysseus? Part 5 - Productivity
Agoraon the macroeconomy of Greece.[1] In blog 16, we updated Greece’s demographic projections and found... is more easily transmitted in graphs than in lengthy complex tables. Employment. Consider Figure 1, below....[2] The dotted line in Figure 1 shows the employment path that was anticipated in Odysseus’ 2018
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Where is Odysseus? Part 6 - Potential real GDP
Agoraon the macroeconomy of Greece.[1] In blog 16, we updated Greece’s demographic projections and found.... These calculations are reflected in Figure 1 below. The vertical line marks the current year 2022.... This baseline assumes that Greece still sees a recovery in labor productivity to 1 percent a year
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