Thursday October 23, 2014 Search
Weather | Athens
22o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Government considers passing cuts in stages to ease impact

The coalition government is examining the possibility of passing the spending cuts being demanded by the troika in several phases in order to ease the political impact of the unpopular measures, sources have indicated.

Finance Minister Yannis Stournaras presented Prime Minister Antonis Samaras with the savings during a meeting on Monday. The government is poised to exceed the 11.5 billion euros of cuts demanded by the troika.

It has planned for 13.5 billion euros of measures over the next two years as the Finance Ministry has estimated that the 11.5 billion euros in cuts would lead to a shortfall of 2 billion euros in tax revenues and social security contributions.

“It is clear that we will keep our commitments,” said Stournaras after the meeting.

He refused to be drawn on the issue of the labor reserve for civil servants, with reports suggesting that 30,000 to 40,000 public sector employees would be removed from their jobs and would receive some 70 percent of their salaries for one to three years.

“It will be in a different form from the one implemented in the past,” said Stournaras. A labor reserve scheme was employed last year to little effect and both coalition partners PASOK leader Evangelos Venizelos and Democratic Left’s Fotis Kouvelis have expressed doubts about the process.

Sources said that the new version of the labor pool scheme would be ready by the end of August.

Sources said the Labor Ministry put forward cuts worth 5.2 billion euros to pensions and welfare payments in order to be sure that it would secure savings of 4.6 billion.

The reductions to pensions will affect those retirees who earn 800 euros or more per month but in a bid to save more money, the minimum number of years of work needed in order to qualify for the minimum pensions of 485 euros could also be increased. Currently 15 years’ worth of work is needed. This may rise to 20 years.

Samaras will be hoping to present the measures as a sign of his government’s decisiveness to stick to the troika program when he meets Eurogroup chief Jean-Claude Juncker tomorrow, German Chancellor Angela Merkel on Friday and French President Francois Hollande on Saturday.

ekathimerini.com , Tuesday August 21, 2012 (11:21)  
Four Greek firms accused of EU subsidy fraud
New state body to be set up for truck safety in wake of accidents
Independent Greeks leader claims MPs were blackmailed
Charges brought against OKANA chiefs over finances
Stocks give up 0.37 percent in quiet session
The bourse benchmark managed to recover most of the losses incurred during Thursday’s session at Athinon Avenue, having dropped as low as 966 points, to close at just over the 990-point mark...
Solidarity tax to be extended for two years
Greek taxpayers will continue to pay an extra solidarity tax on income in the next two years, but at a 30 percent discount compared to current rates, it emerged on Thursday. The emergency ta...
Inside Business
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
COMMENTARY
Defusing a crisis
The crisis in Cyprus is escalating rapidly and defusing it is an extremely delicate and complicated procedure that will inevitably lead to losses for the weakest of the two sides. The course...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Stocks give up 0.37 percent in quiet session
2. Four Greek firms accused of EU subsidy fraud
3. New state body to be set up for truck safety in wake of accidents
4. Independent Greeks leader claims MPs were blackmailed
5. Charges brought against OKANA chiefs over finances
6. Pharmacists’ chief warns of drugs shortage in Greece
more news
Today
This Week
1. Strong winds hamper sea travel
2. TBEX brings together 800 travel bloggers in Athens
3. Samaras to represent Anastasiades at European Council meeting
4. Cyprus president to sit out EU summit due to high blood pressure
5. Arrivals show increase in January-June 2014 period
6. Spanish unemployment lowest since 2011 as economy grows
Today
This Week
1. Coalition shooting itself in the foot
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. The past, present and future of the Greek debt crisis
4. Greece’s closed society is central to its current malaise
5. Greece must stick to reforms, says Schaeuble
6. At least 11 banks to fail European stress tests, three in Greece, report says
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.