Greece passes measure
KUCH
Posts: 1,186
Greece passed their austerity measure today:
Cut Spending
Raise Taxes buy 40 billion
Raise $71 billion in privatization.
Greek unemployment is at 16%
Opa, what could one buy in Greece that is owned by the government?
Cut Spending
Raise Taxes buy 40 billion
Raise $71 billion in privatization.
Greek unemployment is at 16%
Opa, what could one buy in Greece that is owned by the government?
0
Comments
I might be willing to trade a bit of gold for a nice small island.
World Collection
British Collection
German States Collection
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Sounds like the US. The "wealth" death tax is coming near you! Previously they taxes estates over 5 Million at 45%. But that was such a deal in the land of the "free" that it's now going to be 55% at "estates" over 1 Million. >>
No wonder the government wants us dead, where's my foil hat
<< <i>Greece passed their austerity measure today:
Cut Spending
Raise Taxes buy 40 billion
Raise $71 billion in privatization. >>
I'm sure this good news will stop the rioting in the streets.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Knowledge is the enemy of fear
might have an estate worth over one million dollars.
But seriously, there is going to be a tax levied on stupidity.
That aught to cover just about everyone in Congress and
probably, the rest of us who sent those yahoos to Washington.
Camelot
<< <i>
<< <i>Greece passed their austerity measure today:
Cut Spending
Raise Taxes buy 40 billion
Raise $71 billion in privatization. >>
I'm sure this good news will stop the rioting in the streets.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Most people don't realize that this was not about bailing out Greece. It was about bailing out many large European and US Banks and Funds that made the mistake of loaning Greece money. The IMF loan to Greece will go to pay their debts to these outsiders.
The cost of getting bailed out (Dictated by the IMF and the reason for the riots):
TAXATION
Taxes will increase by 2.32bn euros this year, with additional taxes of 3.38bn euros in 2012, 152m euros in 2013 and 699m euros in 2014.
A solidarity levy of between 1% and 5% of income will be levied on households to raise 1.38bn euros.
The tax-free threshold for income tax will be lowered from 12,000 to 8,000 euros.
There will be higher property taxes
VAT rates are to rise: the 19% rate will increase to 23%, 11% becomes 13%, and 5.5% will increase to 6.5%.
The VAT rate for restaurants and bars will rise to 23% from 13%.
Luxury levies will be introduced on yachts, pools and cars.
Some tax exemptions will be scrapped
Excise taxes on fuel, cigarettes and alcohol will rise by one third.
Special levies on profitable firms, high-value properties and people with high incomes will be introduced.
PUBLIC SECTOR CUTS
The public sector wage bill will be cut by 770m euros in 2011, 600m euros in 2012, 448m euros in 2013, 300m euros in 2014 and 71m euros in 2015.
Nominal public sector wages will be cut by 15%.
Wages of employees of state-owned enterprises will be cut by 30% and there will be a cap on wages and bonuses.
All temporary contracts for public sector workers will be terminated.
Only one in 10 civil servants retiring this year will be replaced and only one in 5 in coming years.
SPENDING CUTS
Defence spending will be cut by 200m euros in 2012, and by 333m euros each year from 2013 to 2015.
Health spending will be cut by 310m euros this year and a further 1.81bn euros in 2012-2015, mainly by lowering regulated prices for drugs.
Public investment will be cut by 850m euros this year.
Subsidies for local government will be reduced.
Education spending will be cut by closing or merging 1,976 schools.
CUTTING BENEFITS
Social security will be cut by 1.09bn euros this year, 1.28bn euros in 2012, 1.03bn euros in 2013, 1.01bn euros in 2014 and 700m euros in 2015.
There will be more means-testing and some benefits will be cut.
The government hopes to collect more social security contributions by cracking down on evasion and undeclared work.
The statutory retirement age will be raised to 65, 40 years of work will be needed for a full pension and benefits will be linked more closely to lifetime contributions.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Box of 20
<< <i>Sounds like the US. The "wealth" death tax is coming near you! Previously they taxes estates over 5 Million at 45%. But that was such a deal in the land of the "free" that it's now going to be 55% at "estates" over 1 Million. >>
Heaven forbid that anyone get to keep what is theirs by right.
Got to hand out money to buy votes for the upcoming elections.
<< <i>
<< <i>Sounds like the US. The "wealth" death tax is coming near you! Previously they taxes estates over 5 Million at 45%. But that was such a deal in the land of the "free" that it's now going to be 55% at "estates" over 1 Million. >>
Heaven forbid that anyone get to keep what is theirs by right.
Got to hand out money to buy votes for the upcoming elections. >>
Votes are getting expensive!
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Isn't the average pay for public workers at 65,000 Euros. So 15% of $97,000? >>
Greek public workers salaries are about $1500/month.---$18,000 to $20,000/yr.
Imagine the riots if public sector workers in this country would told to accept 15% less.
These Greek austerity measures will not be accepted by the citizens. Greece will default.
Knowledge is the enemy of fear
from Big Fat Greek Gravy Train
Box of 20