Fiscal policy
Subsidies to help create 26,000 jobs
Six programs, one of them aimed at the older jobless, offer subsidies in wages and social security contributions with the aim of creating 26,000 jobs.
The length of the subsidy varies from seven to 24 months and some offer up to 100% subsidy in both wages and contributions, although are all capped.
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State Department report highlights Greece’s positive prospects
Greece has rebounded since the 2009-2018 financial crisis that saw real GDP decline by 25 percent. Modest growth began to return in 2019 and unemployment dropped from its crisis peak of 35 percent in 2013 to 12 percent in 2022, the State Department said in the 2023 Investment Climate Statements.
Gov’t eyes revenue rise next year
The National Economy and Finance Ministry is preparing the draft budget for 2024 based on a number of pillars, with the aim of submitting it to Parliament in the first week of October. Its target will be an increase in state revenue.
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Economic policy bill tabled in Parliament
The National Economy and Finance Ministry's bill which includes a variety of the government's economic policy staples was tabled in Parliament on Wednesday, said Minister Kostis Hatzidakis.
Titled "Boosting the Income of Wage Earners, Youth, Family, and Labor - Pension Regulations," it "fulfills 50% of the government's economic program commitments," he noted.
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Double strike against debt
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FinMin, top banker optimistic on economy’s prospects
The new Finance Minister, Kostis Hatzidakis, and the Governor of the Bank of Greece, Yannis Stournaras, had a first meeting Tuesday to discuss policy, focusing on fiscal policy, banks and private debt.
The two officials met for about 90 minutes and then told reporters they had a "shared understanding" about the state of the economy, as well as a shred optimism about its prospects.
Slovenia raises subsidies for electric vehicles
Slovenian buyers can get state subsidies for new or used zero-emission cars or vans worth up to €6,500, a substantial increase from the previous level of subsidies. Buyers of cheaper vehicles stand to benefit the most.
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Nicosia pulls plug on fuel subsidies
Temporary state fuel subsidies are set to expire before the weekend in the Republic of Cyprus, after the finance minister announced an extension could not be justified.
Finance Minister Makis Keravnos emerged from a President's Cabinet meeting on Wednesday saying fuel subsidies could not be extended beyond June 30.
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America’s wars and the US debt crisis
In the year 2000, the US government debt was $3.5 trillion, equal to 35% of the country's gross domestic product (GDP). By 2022, the debt was $24 trillion, equal to 95% of GDP. The US debt is soaring, hence America's current debt crisis. Yet both Republicans and Democrats are missing the solution: stopping America's wars of choice and slashing military outlays.
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Stability Pact flexibility is on the line
A more flexible Stability Pact, adapted to the particularities of each country, which will impose fiscal prudence but not lead to suffocation, leaving fiscal space for investments, especially for the green and digital transition, is what has emerged from the Commission's proposals and will be discussed by the EU finance ministers on Thursday in Luxembourg.
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