Calamos Supports Greece
GreekReporter.comGreek NewsCyprusCypriot Parliament Approves the First Austerity Measures

Cypriot Parliament Approves the First Austerity Measures

The Cypriot Parliament voted for the first austerity measures. However, the rise of the TVA was postponed.
The measures include salary and pension deductions for the public employees up to 148 million euros and additional taxes of 170 million euros which correspond to 2% of the Cypriot GDP.
The rise of the TVA is estimated to bring in 160 million euros annually and will soon be voted too. The measures are expected to reduce the deficit from 6% to 2% by 2012.
The government hopes that these measures will convince the creditors to finance the country with 750 million euros by February of 2012, while the second package of measures will be voted on in September.
(Source: Kathimerini)

See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!



Related Posts