Wednesday October 22, 2014 Search
Weather | Athens
24o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Key points in the Greek reform program

The leaders of the three parties in Greece's unity government under Prime Minister Lucas Papademos hammered together an agreement on austerity measures demanded by the country's creditors in exchange for a new bailout loan, though they failed to reach consensus on the issue of pension cuts.

Some of the key measures in the agreement reached during marathon negotiations that began on Wednesday afternoon and lasted into the early hours of Thursday, are the following:

* A reduction of 22 percent to the minimum wage, currently at 751 euros per month gross, with an additional 10 percent reduction to the basic salary for young people aged under 25.

* A freeze on the minimum wage of three years.

* A freeze on all salary raises until the unemployment level is reduced from its current 19 percent to under 10 percent.

* A reduction in the pensions of employees of state companies OTE telecoms and Public Power Corporation by 15 percent, as well as of seamen by 7 percent.

* Placing in the labor reserve scheme 15,000 state employees by the end of 2012, with the target of reducing general government employment by 150,000 by the end of 2015.

* The reduction from six months to three of the period over which collective sectoral labor agreements continue to be in effect after their expiration. If a new labor agreement is not drawn up in this period, the sector in question will be bound by the basic national standard, without, however, forfeiting benefits for years of service, job hazard, children and education.

* Collective sectoral agreements will have a limited duration of three years, while existing contracts with a 24-month duration will expire in one year from now.

* A reduction in contributions to the IKA Social Security Foundation of 2 percent effective immediately, and an additional 3 percent in 2013.

* A review by end-June of the special salary status of judicial employees, state doctors, diplomats, and police and military personnel.

* The sale by end-June of scheduled share packages in the following state-owned companies: Public Gas Corporation (DEPA), gas distributor DESFA, Hellenic Petroleum (ELPE), betting agency OPAP, the Attica and Thessaloniki water and sewerage companies (EYDAP and EYATH), and the International Broadcasting Center.

* The abolition of permanency for employees at state-owned companies and banks.

* The restriction of tax exemptions, simplification of the value added tax and property tax structure.

* The closure of 200 tax offices across the country by the end of the year.

* The hiring of 1,000 more tax auditors, to bring their total number by the end of April to 2,000.

* Eliminating the extension of payment terms for overdue taxes and social security contributions.

* A further reduction in military spending by 0.15 percent of GDP.

* The recapitalization of Greek banks through common shares with limited voting rights and through contingent convertible bonds.

ekathimerini.com , Thursday February 9, 2012 (12:17)  
Archaeologists find missing head of Amphipolis sphinx
Coalition leaders prepare for troika amid sour mood
Parties at odds over university ID checks
At Defense Ministry, Tsipras assures policy continuity
Credit sector officials sleeping easy ahead of stress test results
Analysts, investment banks and institutional investors appear optimistic regarding the results of the European Central Bank stress tests on local lenders, which has been mirrored in the perf...
Certainty on primary surplus target
The state budgets primary surplus beat expectations by almost a billion euros in the first nine months of the year, General Accounting Office data confirmed on Tuesday, but tax revenues and...
Inside Business
BASKETBALL
PAOK fans stop coach Markopouloss move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
The ECB collateral for Greece must be lowered to 5 pct
According to recent reports, the European Central Bank plans to reduce the 57 percent penalty, that is the discount applied to almost all Greek government bonds (GGBs) held as collateral b...
INTERVIEW
The past, present and future of the Greek debt crisis
For a decade, until mid-2012, Josef Ackermann was the CEO at Deutsche Bank. It was a position that earned him the nickname shadow chancellor of Germany and allowed him to play a decisive r...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Credit sector officials sleeping easy ahead of stress test results
2. Certainty on primary surplus target
3. Feverish talks on payment plan proposals
4. TUI promises even more tourists
5. Archaeologists find missing head of Amphipolis sphinx
6. Coalition leaders prepare for troika amid sour mood
more news
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Gang importing heroin into Greece busted
3. Greece said to seek tailor-made plan for bailout exit
4. Self-opposing coalition
5. Gutsy rectors
6. Applications for heating oil subsidy set to start
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. Coalition shooting itself in the foot
4. GPO poll gives SYRIZA clear lead over New Democracy
5. Greece must stick to reforms, says Schaeuble
6. Greeces closed society is central to its current malaise
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.