Austerity measures approved by Greece’s parliament

Austerity measures approved by Greece’s parliament

Austerity measures approved by Greece’s parliament

(Athens) – The Greek parliament has adopted a new round of austerity cuts which the government hopes will secure a pledge of debt relief and loan disbursements by EU-IMF creditors this month.
The bill entails €4.9 billion ($5.4 billion) in pension cuts and lower tax breaks in 2018-2021 and was passed by a majority of 153 lawmakers from the ruling coalition.
A total of 128 voted against the measure and 17 MPs from the neo-Nazi Golden Dawn party were absent during the debate as they were barred after one of their members shoved a rival in the house, prompting a showdown, AFP has reported.
Greece’s Prime Minister Alexis Tsipras grudgingly accepted to legislate another round of cuts and lower tax breaks — applicable in 2019 and 2020 respectively — to unlock the cash payment ahead of looming debt repayments in July.
In return, Greece will introduce poverty support measures — such as subsidies on rent and medicine — over the same period of time.
Athens hopes the disbursement of €7 billion from existing bailout loans will be approved by a meeting of eurozone finance ministers on May 22.
“We are in the final stretch … the biggest likelihood is that we’ll have a deal on May 22 or a few days later,” Greek government spokesman Dimitris Tzanakopoulos told.
Greece is seeking a clear eurozone pledge later this month on measures to ease repayment on its huge public debt, which represented 179 percent of annual output at the end of last year.

Posted on May 19 2017. Filed under Business, Front, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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