Tag Archives: cuts

Price increases have changed consumer habits in Greece, a survey by the Retail Consumer Goods Research Institute (IELKA) said on Thursday. The survey, conducted on a sample of 1,000 consumers in November 2023, showed a clear trend by consumers to save money to buy basic goods and services. Τhe pressure …

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Greece’s Court of Audit has ruled to reinstate the pensions of retired judges to the levels before 2012 that it before the cuts imposed by the first bailout. The decision triggered an outrage in the society as some media reported that judges could receive at least 35,000 euros each in …

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The government will table a supplementary budget of nearly 600 million euros over the massive cost to the economy caused by the storm Daniel, National Economy and Finance Minister Kostis Hatzidakis told ANT 1 TV on Wednesday. Hatzidakis said that 450 million euros of the total would be earmarked for …

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Greece will not be left without electricity, assures, not a politician, but the man with the clearest view of the market, i.e. the head of the Regulatory Authority for Energy (RAE), associate professor Athanasios Dagoumas. He does admit, however, that households and businesses are looking at a difficult winter ahead. …

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Finance Minister Christos Staikouras ruled out cuts on the special consumption tax on fuel, as prices reached new records this week, Greeks struggle to fill their vehicle tank and the domino effect of the hikes affects every sector of the economy. “Greece will have a primary deficit this year, as …

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Greeks rushed to public power company on Easter Wednesday to arrange payment settlements for unpaid bills and avoid being completely cut off from the electricity supply, as providers keep issuing disconnections orders and push for their implementation. With the wholesale price among the highest in Europe and a government that …

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The Greek Electricity Distribution Network Operator (HEDNO) will implement controlled rolling power cuts in Athens and Attica in order to avoid a blackout. The plan goes into force today, Friday, August 6, 2021. “There will be rolling power cuts in Attica in accordance with the instructions of the Independent Power …

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The Council of State, Greece’s supreme administrative court, on Tuesday ruled in favor of the backdated payment of pensions that were wrongfully cut between June 2015 and May 2016. The court ruled in favor of pensioners who had appealed against the pension cuts, seeking the backdated return for the above …

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The coronavirus crisis has dramatically hit the Greek labor market and allows companies to operate on staff’s rotation work thus cutting employee’s salaries by 50%. Employers can also suspend workers’ contracts. The Greek government issued a legislative act that allows employers and corporations to introduce a new system of rotational …

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Taxation cuts for the middle class are top on the elections programs of the two parties racing to form the next Greek government: left-wing SYRIZA and conservative New Democracy. The stake of the snap election between the two main competitors for the government power is to attract voters from the …

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Prime Minister Alexis Tsipras announced that certain groups of civil servants will receive retroactive a total of €820 million net for wage cuts during the economic crisis and the bailout agreements. The total amount is €1.4 billion gross including taxes, social security and pension contributions. The money will be paid …

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A  first-instance court in Thessaloniki ruled that austerity cuts scrapping the 13th and 14th pensions were illegal and ordered the pension funds involved to return the money. The court ruled that  70-year-old IKA pensioner Odysseas Tsologiannis has to await for a total amount of 11,184 euros. The pensioner had filed …

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Finance Minister Euclid Tsakalotos ‘promised’ investors that Greek pensioners will be dead soon and that they will not have to worry about the sustainability of the pensions system. Addressing the 13th Greek Annual Road Show in London, Tsakalotos argued that pensioners who are over 70 years old now, will have …

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Thousands of households across Greece see technical teams of public power supplier PPC to disconnect the electricity supply on daily basis. Electricity disconnections to households and businesses due to debts to power suppliers have increased by 313% in the last three years. The official data of the Regulatory Authority for …

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Greece insists that the austerity measure to further pension cuts as of 1. January 2019 is not necessary. Creditors try to avoid commenting on that, although the usual “Euro Sources Anonymous” claim that the euro finance ministers are against abolishing of the measure. “Greece’s budget 2019 will not include pension …

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Optimistic about the exit from the bailout program in August and the fiscal performance of the country, Greek Finance Minister, Euclid Tsakalotos, did not rule out that the long-term fiscal targets could be reviewed or that a further debt relief could be achieved with the country’s creditors. Confident that Greece …

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Greece submitted a draft bill to parliament late on Friday, a bill fully packed with austerity measures worth 5.1 billion euros and counter-measures worth 1.5 billion, in an effort to sweeten the bitter pill to thousands of pensioners and employees. The bill outlines reforms in the energy, pension and labor …

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Hundreds of pensioners marched in downtown Athens in one more protest against cuts in main and supplementary pensions during the austerity years. The protest was staged as the recalculation of pensions is imminent due to the so-called Katrougalos-Law of 2016. The pensioners from the private and public sector said that …

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Thousands of Greek households will spend Christmas holidays in the darkness. Greece’s Public Power Corporation (PPC/DEH) plans to proceed to power cuts to 35,000 private and commercial subscribers by the end of the year due to unpaid electricity bills. The plan foresees 2,000 power cuts per day until the end …

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Thousands of low-pensioners will have to further tighten their belt as poverty allowance will be either completely disappear or cut to a thin pocket money of just 35 euro per month. Eligible to poverty allowance EKAS will be only those with a monthly pension of up to 585 euro gross …

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