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Tag Archives: cuts

Schaeuble blames the Greek government for pension cuts

German Finance Minister Wolfgang Schaeuble insisted that it is successive Greek governments to blame for the pension cuts that have been enforced in Greece and not the international or the European creditors. In an interview to newspaper TA NEA, has insisted in an interview that successive Greek governments were to …

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Court rules new pension cuts in 2019 against Constitution and Human Rights Convention

The Plenary of the State Audit Council has ruled that the cuts to main and supplementary pensions to be implemented in 2019 are against the Constitution and contravene the European Convention of Human Rights. Pension cuts are creditors’ top favorite austerity measure. The pension cuts the government and its creditors …

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Pensioners march through Athens protesting further cuts

Thousands of pensioners marched through the streets of downtown Athens on Tuesday demanding a stop to further pension cuts. Representatives met with Deputy Minister in charge of  Social Security and Retirement, Tasos Petropoulos. The meeting ended without the result protesters had hoped to achieve. The Minister merely confirmed that the …

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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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