Thursday, June 23, 2011

Looks like Greece has bought a 12 month reprieve

Greece seals deal with EU,IMF on austerity plan - sources

Tell you what, here's the deal, if we increase the tax on heating oil and cut the tax threshold to E8000pa and impose a little one off tax levy will you extend our credit.

Posted by enuii @ 08:47 PM (2041 views)
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9 thoughts on “Looks like Greece has bought a 12 month reprieve

  • mark wadsworth says:

    The Greek PM must have been offered a really well paid job with some bank or other once he gets voted out of office.

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  • general congreve says:

    Voted out? Run out by an angry mob more like! I’ll eat my hat if the banking fraudsters ‘reprieve’ lasts 12 months. I think the Greek Public might have something to say about it and chances are it’ll be presented on the end of a knotted rope.

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  • “a one-off solidarity levy on income of between 1 and 5 percent”

    In plain English, a wealth tax. Now if only they could make that annual rather than one-off. The French already do.

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  • mark wadsworth says:

    D, I understand “solidarity levy on income’ to mean a higher rate of income tax, not a wealth tax.

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  • I’m not sure I follow the implications of this in terms of Greek politics. Does this mean they no longer need parliaments approval for the austerity measures? I was under the impression there was going to be a vote on the passage of the austerity measures next week. Is this no longer the case? Also the Greeks, who have a problem collecting taxes, are going to collect an extra tax? The triumph of hope over experience? Ecudaor has set the example the Greeks should be following.

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  • @5

    The package still has to be ratified in the Greek parliament. The vote is next week.

    BTW The measures include a new minimum tax for the self employed, which is where most of the tax evasion resides.

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  • ontheotherhand says:

    They are all just kicking the can down the road. Short of some productivity miracle, the compounding numbers say that they cannot pay.

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  • From another Reuters article: “One-off solidarity levy on personal income ranging between 1 and 5 percent, according to income: Those earning 12,000 to 20,000 euros a year will be taxed at 1 percent. Rate then climbs to 2 percent for incomes of 20,000-50,000 euros, to 3 percent for 50,000-100,000 euros and to 4 percent for those earning 100,000 euros or more. Lawmakers and public office holders to pay a 5 percent rate.”

    One off taxes on peoples earnings are no way to run an economy.

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  • “In plain English, a wealth tax. Now if only they could make that annual rather than one-off. The French already do.”

    They do it annually in England as well, but they target everyone (not just the wealthy) and they are smart enough to call it “inflation” and make it sound necessary…the citizens would riot if it was called a tax. Greece could have called it inflation and avoided the riots but they can’t print money like the UK can.

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