Greece bailout deal
£95bn bailout for the Greeks agreed in largest ever financial bailout of a country
Excerpt:
He unveiled austerity measures and tax rises worth 30billion euros (£26billion) including:
* ˜An increase in the retirement age from an average age of 53 to 67;
* ˜Government workers to lose annual bonuses worth an extra two months' pay;
* ˜Ten per cent tax rise on alcohol, cigarettes and petrol;
* ˜Three-year wage freeze in the public sector;
* ˜Early retirement will be limited or abolished altogether;
* ˜VAT increase from 21 per cent to 23 per cent.
Comment: That retirement deal has got to hurt
Given that the most deadly month in a man's life is the month after he retires, that delay of retirement age might turn out to be a lifesaver for many Greeks. The low retirement age might also explain why their debt situation is so bad.
ReplyDeleteNever mind the basic reality that a lot of business occurs off the books due to already horrific taxation. Ya don't fix the fact that the entire nation (as well as Italy, Portugal, and Spain) effectively one big black market, you've got problems.