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Home / News / World News / Greek Parliament passes controversial reforms
  • World

    Greek Parliament passes controversial reforms

    Achin Garg
    Written by
    Achin Garg
    Mail
    Last updated on May 09, 2016, 02:25 pm
    Greek Parliament passes controversial reforms
    Credits:
  • Amidst protests, the Greek Parliament has passed the controversial tax and pension reforms to get the much-needed bailout money released from creditors.

    Creditors had asked Greece to stick to spending cuts to reduce public debt.

    Alexis Tsipras, the Greek Prime Minister has defended the reforms by saying that it would not affect the majority of pensioners and help move towards a "sustainable" system.

  • In this article
    Greece: Country profile The Greek economic crisis Greece defaults on IMF loan Greece gets third bailout package Alexis Tsipras emerges victorious Greek Parliament passes controversial reforms Reforms plan to overhaul tax system Trade unions cripple public transportation system
  • About

    Greece: Country profile

    Greece: Country profile
    Credits:
  • Greece is a European nation situated in the far south of the Balkan peninsula in Southeastern Europe.

    The Mediterranean nation, famous for its rich historical and cultural heritage has a population of 11.5 million.

    Greece is a part of the European Union and has Greek as the major language.

    Greece has not been able to recover from the global financial meltdown of 2008.

  • Crisis

    The Greek economic crisis

    The Greek economic crisis
    Credits:
  • Years of recession has contracted the Greek economy by a quarter and increased unemployment.

    The country was staring at a mounting debt crisis when the anti-austerity coalition led by the leftist Syriza party came to power in 2015 with a promise of renegotiating the IMF-EU bailouts.

    Syriza argued that austerity has crippled the economy and affected Greece's ability to repay loans back to creditors.

  • Personal

    Greece defaults on IMF loan

  • After failing to repay €1.6 billion, Greece became the first developed nation to default on a loan with the International Monetary Fund (IMF).

  • Aug-Sept 2015

    Greece gets third bailout package

    Greece gets third bailout package
    Credits:
  • Faced with the difficult question of whether to stay in the Eurozone, the Greek Prime Minister signed the third bailout package worth €85 billion for 2015-2018.

    The bailout package ensured Greece's continuation in the Eurozone but required severe austerity measures.

    However, this decision caused a split in the ruling Syriza party after which the Greek Prime Minister, Alexis Tsipras called for snap polls.

  • Personal

    Alexis Tsipras emerges victorious

  • Alexis Tsipras emerged victorious even as he moved his left-wing party towards the centre. Now, the tough task of implementing the austerity measures, which he had once rejected, lies in front of him.

  • 9 May 2016

    Greek Parliament passes controversial reforms

    Greek Parliament passes controversial reforms
    Credits:
  • Amidst protests, the Greek Parliament has passed the controversial tax and pension reforms to get the much-needed bailout money released from creditors.

    Creditors had asked Greece to stick to spending cuts to reduce public debt.

    Alexis Tsipras, the Greek Prime Minister has defended the reforms by saying that it would not affect the majority of pensioners and help move towards a "sustainable" system.

  • Information

    Reforms plan to overhaul tax system

  • The reforms are targeted at merging Greece's several pension funds, reducing highest pension payouts, increasing contribution and raising taxes on those with high and middle incomes.

  • 9 May 2016

    Trade unions cripple public transportation system

    Trade unions cripple public transportation system
    Credits:
  • Angry trade unions called for a general strike which paralysed the public transportation system. Protests also erupted outside the Parliament where youth threw petrol bombs at the police.

    Alexis Tsipras, however, said that the reforms are necessary to prevent the collapse of the pension system.

    According to the agreement with creditors, the government has to cut €5.4 billion in spending by 2018.

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