Greeks brace for price increases

Life will get even more expensive for Greeks as of next month following the government's decision to raise a number of taxes, such as the value-added tax on most commodities and the special consumption tax on fuel, tobacco and coffee, as well as hikes on landlines, Internet and pay-TV.

The increase in the prices of a large number of goods will obviously lead to a reduction in consumption, which in turn will reduce state revenues, meaning that the government won't meet the target it has set itself and agreed on with the country's creditors.

According to the clauses of the multi-bill tabled in Parliament that will be passed into law on Sunday night, all products carrying the top VAT rate of 23 percent will undergo a fresh hike to 24 percent as of June 1. This concerns standardized food (pasta, rice, flour, coffee, cold cuts, chocolate, ice creams spices, packaged bread,...