Sweeping changes in social security, labour market and taxation reforms in the...

Sweeping changes in social security, labour market and taxation reforms in the works for Greece

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eurogroup

Greece’s ‘honeymoon’ period with its creditors is coming to an end after the successful completion of the first review. The Eurogroup is meeting on Monday, and while the Greek issue is not on the official agenda, the creditors will be renewing their rendezvous for September with a series of prior actions expected to be on the table of talks before the second review starts. These measures, stipulated in the technical memorandum of understanding agreed in June, include provisions like the phasing out and the eventual abolition of the state’s contribution in the tripartite funding of pensions. The prior actions are required for Greece to receive the 10.3bln Euros from the European Stability Mechanism (ESM). Pressure is also expected to come from the demands by the IMF for the decrease of the minimum wage levels in Greece, as its reports pointed out that the level is higher among many EU countries in relation to the country’s per capital GDP. More changes are expected to come about on the taxation front, including the 2016 and 2017 ENFIA property tax. The General Secretariat of Public Revenues will table a number of proposals to this effect by the end of November that will b put into effect from January 1st 2017.

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