December 23, 2013
Since 2010, Greece is under the rule of the Troika (IMF, European Commission [EC] , European Central Bank [ECB]), which rules under the terms of the Memorandum of Understanding (MoU), a document expounding what is expected to be executed by the Greek government.
The life and the future of eleven million people hang from the policies of the Troika, which are dominated by the German dictates of a severely punitive austerity characterized by deep cuts in wages and pensions and heavy taxation of individuals and businesses.
Since 2009, salaries in the public sector have been cut up to over 50 percent, wages in the private sector have been reduced by 40 percent, and pensions have been cut up to 45 percent. From 2010 to 2013 the tax on the average income has increased by 25 percent, while on the income of most people has gone up by over 29 percent. Taxation of real estate has increased by 552 percent. The value added tax was raised from 19 to 23 percent, and numerous other indirect taxes have been added or gone up. In 2014, revenue from tax increases imposed on businesses is expected to increase by 137.2 percent.
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