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Tag Archives: cuts

Schaeuble and IMF’s Thomsen agree to increase pressure on Greece

German Finance Minister Wolfgang Schaeuble and the International Monetary Fund finally agreed on the Greek debt issue. However what they agreed upon is not what Greece would like to expect. Schaeuble and the IMF’s responsible for Europen Poul Thomsen agreed to a common hard-line, that translates into to increase pressure …

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45% of Greece’s pensioners live below poverty line

45% of Greece’s pensioners live below the poverty line. They receive monthly pensions below 665 euro gross. The data has been released by the Greek Pensioner’s Network and shows the dramatic situation in which 1.2million pensioners experience after the repetitive cuts and hikes for health contributions. Unions stress that 13.7% …

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IMF shocks! Thomsen wants Pensions cuts €7.5-€9.5bn

The International Monetary Funds wants additional austerity measures in order to secure 3.5% Primary Surplus – of the usual wrong IMF projections. The IMF Director for the European Program, Poul Thomsen wrote his thoughts about a Workable Program for Greece and uploaded them on the IMFBlog. Poul Thomsen demands additional …

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Thousands of jobs to be lost in Greece’s banking sector

Greece’s four main banks will have to reduce their employees by a total of 4,350 and shut down about 180 branches up to the end of 2017. These new reduction demands result from the derailing of the Greek economy generated by the prolonged uncertainty during 2015 which brought the country …

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ECB & Draghi cut deposit rate by 10 basis points

The European Central Bank and Mario Draghi announced today a new cut in the deposit interest rates.  The rate cut will be 10 basis points and down by -0.30%.  The deposit rate has been cut from -0.2% to -0.3%. “At today’s meeting the Governing Council of the ECB decided that …

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Greeks suffered wages losses of -28.16% from 2010 to 2015

Five years of loan agreements, memoranda of understanding, austerity measures and internal devaluation. And here is the bill for Greece’s employees: a decrease of 28.16% within five years. According to data from the Hellenic Statistical Authority (ELSTAT) salaries were cut by 28.16% in the period of the first memorandum of …

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Gov’t cuts lawmakers’ tax breaks, ministers’ salaries by 15%

Finally, good news! In the direction of correcting what we call “social injustice”. That is that while the poor and the needy and the vulnerable society groups are being disproportionally overtaxed, lawmakers and politicians pay less taxes and enjoy tax breaks with ‘whatever’ justification the legislator who introduced this system …

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