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Pittsburgh, Pennsylvania – June 28 –
I have been writing about Greece’s economic problems. They have a socialist government. Here’s an analysis of some of their problems:
The government of Greece agreed to impose a fourth and final round of austerity measures. These include:
- Public sector limit of €1,000 introduced to bi-annual bonus, abolished entirely for those earning over €3,000 a month.
- An 8% cut on public sector allowances and a 3% pay cut for DEKO (public sector utilities) employees.
- Limit of €800 per month to 13th and 14th month pension installments; abolished for pensioners receiving over €2,500 a month.
- Return of a special tax on high pensions.
- Changes were planned to the laws governing lay-offs and overtime pay.
- Extraordinary taxes imposed on company profits.
- Increases in VAT to 23%, 11% and 5.5%.
- 10% rise in luxury taxes and taxes on alcohol, cigarettes, and fuel.
- Equalization of men's and women's pension age limits.
- General pension age has not changed, but a mechanism has been introduced to scale them to life expectancy changes.
- A financial stability fund has been created.
- Average retirement age for public sector workers has increased from 61 to 65.
- Public-owned companies to be reduced from 6,000 to 2,000.
The vote on more austerity measures is supposed to take place Wednesday and Thursday. Newsvine member usa1 supplied the following links:
Comparable to kids in a candy store
Alt link to original
The situation in Greece could be duplicated in the United States of America.
If it does, austerity will take place.