Liberalisation, scaling back the state and reduced terms for public sector workers – that is the package required to secure a multi-billion euro loan from the eurozone and IMF:
- Three-year public sector pay freeze; recruitment frozen
- Two to three percentage points increase in value-added tax
- Abolition of “13th and 14th monthly salary” for public sector workers; 5 per cent cut in allowances
- Closure of more than 800 outdated state entities
- Opening up of more than 60 ‘closed-shop’ professions
- No renewals for short-term public sector contracts
- Overhaul of pension system: raising average retirement age from 53 to 67 for men and women; cutting state corporation pensions.
- Privatisation: sales of state corporations; flotations on Athens stock exchange; sales and leasing of state-owned properties
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