Greece Passes Tax and Pension Reforms

UNDER PRESSURE

Updated Apr. 13, 2017 3:59PM EDT / Published May 08, 2016 8:54PM EDT

Michalis Karagiannis/Reuters

Greece’s parliament approved a package of tax and pension reforms ahead of a meeting of Eurozone finance ministers Monday. The austerity measures, valued at about $6.16 billion, or 3 percent, of gross domestic product, are aimed at impressing the country’s creditors in an effort to unlock more international bailout funds. The reforms passed amid a three-day general strike and protests. Thousands took to the streets in mostly peaceful protests in both Athens and Thessaloniki. The reforms will reduce some pension payouts, merge several pension funds, increase social security contributions, and raise taxes on those with medium to high incomes. The Eurogroup, the group of eurozone finance ministers, is set to meet in Brussels on Monday to discuss Greece’s fiscal strategy and debts.

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Greece Passes Tax and Pension Reforms

Michalis Karagiannis/Reuters