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ELSTAT: Disposable income of Greek households plunged by €2.7billion in 2016

Greek households and non-profit entities that serve households lost 2.7 billion euros in disposable income (or 2.3 percent) in 2016, Greece’s independent statistics authority (EL.STAT) said on Monday.

According to figures released this week, the sum for Greek households’ disposable income reached 114 billion euros last year, down from 116.7 billion euros in 2015.

As a result, consumer spending in the still bailout-dependent county dropped by 1.3 billion euros (one percent), with the former reaching 121.7 billion euros in 2016.

Decreased have been also households’ savings by -6.8% in 2016. In comparison -5.4 in 2015.

The Greek finance team, minister Euclid Tsakalotos and deputy Giorgos Houliarakis, have recently admitted that over-taxation of the honest taxpayers. “We know it is not the solution but we impose over-taxation,” Tsakalotos said lest week in the Parliament. Houliarakis claimed that “The burden on the honest taxpayers is done in order to strengthen the weak.”  He also admitted continuation of the over-taxation for 2017 and 2018.

If I am not wrong Tsakalotos also promised to tax deceases sometime in …ten years.

ELSTAT Report on Annual non-financial sector accounts 2016

PS wait to see the report for 2017, when prices for consumer goods and service dramatically increased because A) the Finance Ministry imposed extra fees/taxes on essential goods like telecommunications, coffee etc B) everyone who sells even one-meter of knitting thread thinks it has to cost twice than last year. Multinationals have a new trick: discount packages like 2+1 cost often more than one single package, special offers have less content. Another observation I have repeatedly made recently is that in supermarkets when I grab an item sold with X% discount, I find out that the cash register spits the full price.  Every time I complain I always heear the same excuse “Sorry, the offer is over, we forgot to replace the price.” — Greece is turned into a country when one can get angry on daily basis.

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