Revised Memo demands harsher measures

23 November 2016
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Greece’s creditors have sent a revised Memorandum of Understanding (MoU) to the country’s government demanding a package of harsh measures. According to Greek daily “Kathimerini”, the document sent to the Greek authorities includes the scrapping of tax deductions, a special account for the collection of revenues, a cap on wage spending and the number public servants until 2020. More specifically, the paper demands:

-the readjustment of current pensions according to the new parameters;
-a revision of how the lump sum is calculated;
-a completion of the reevaluation by December 2017;
-the issuing of 35% of pensions applied from May 12 until October without interrupting the normal issue of pensions;
-an immediate issue of a Ministerial executive order for slashing 430 million euros related to the special social solidarity contribution (EKAS);
-a strategic plan for the automatic collection of arrears and seizures by the end of 2017 through the setting up of a special software platform;
-the striking off of all overdue debts that cannot be collected;
-the legislation of electronic transactions by June 2017 via the mandatory use of POS;
-the revision of objective property rates until June factoring in market values;
-the abolition of tax deductions and exemptions that are deemed ineffective by tax authorities;
-the establishment of medium-term (2017-2020) limits for wage expenditure and the number of public servants in line with fiscal targets;
-the adoption of a new law to complete the normalisation of special payrolls to be approved as a prior action by the authorities.

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