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Greece passes measure

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?image

Comments

  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    And gold and silver both went up.

    I might be willing to trade a bit of gold for a nice small island.
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    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.

  • BigEBigE Posts: 6,949 ✭✭✭


    << <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 image



    image---------BigE
    I'm glad I am a Tree
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Greece fires are among the hardest fires to put out image
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭


    << <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.image

    Worry is the interest you pay on a debt you may not owe.

  • cohodkcohodk Posts: 18,548 ✭✭✭✭✭
    There is MUCH, MUCH more pain coming for the European Union.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • BearBear Posts: 18,954 ✭✭
    With the devaluation of the dollar, even a homeless person

    might have an estate worth over one million dollars.image

    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.image
    There once was a place called
    Camelotimage
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    The Euro seems to be sinking tonight.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭


    << <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.image >>



    image
  • derrybderryb Posts: 36,108 ✭✭✭✭✭
    This is only PIIGS2 (The first one also involved Greece, they're back at the trough for more). Stay tuned for more European Union financial trouble.

    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.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • pf70collectorpf70collector Posts: 6,503 ✭✭✭
    Isn't the average pay for public workers at 65,000 Euros. So 15% of $97,000?


  • << <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.
  • derrybderryb Posts: 36,108 ✭✭✭✭✭


    << <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!

    The decline from democracy to tyranny is both a natural and inevitable one.

  • cohodkcohodk Posts: 18,548 ✭✭✭✭✭


    << <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.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • pf70collectorpf70collector Posts: 6,503 ✭✭✭
    the transport perks are not confined to the customers. Incredibly, the average salary on Greece’s railways is £60,000, which includes cleaners and track workers – treble the earnings of the average private sector employee here

    from Big Fat Greek Gravy Train
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