Subscribe

The Roof Comes Off the Parthenon: Greek Austerity Details Leaked

Alexander Reed Kelly
Associate Editor
In December 2010, Alex was arrested for civil disobedience outside the White House alongside Truthdig columnist Chris Hedges, Pentagon whistle-blower Daniel Ellsberg, healthcare activist Margaret Flowers and…
Alexander Reed Kelly

Rumors of budget cuts have been trickling out for the last four months. Now a 94-page draft memorandum, yet to be officially released, appears to detail Greece’s new austerity measures in full.

The draft states an increase of 5 percent on personal taxes made last year will be retained through 2018. Twenty thousand employees are due to be cut from the public payroll in 2013, with 5,000 more in 2014. The retirement age will rise from 65 to 67, interest on deposits will rise from 10 percent to 15 percent and various tax exemptions will be eliminated.

Heavier taxes will be levied on farmers, certain payrolls will be reduced by up to 35 percent, and the number of employed associate professors will be cut drastically from 15,226 to 2,000. Traffic ticket penalties will rise 25 percent and special seasonal unemployment benefits will be scrapped.

The measures stem from a series of demands made by the troika, the banking group lending money for Greece’s recovery effort. The troika is composed of the European Commission, the International Monetary Fund and the European Central Bank.

Amid all this economic pain, one wonders if and when revolution is coming to Greece.

— Posted by Alexander Reed Kelly.

In this article:

Now you can personalize your Truthdig experience. To bookmark your favorite articles, please create a user profile.

Personalize your Truthdig experience. Choose authors to follow, bookmark your favorite articles and more.
Your Truthdig, your way. Access your favorite authors, articles and more.
or
or

A password will be e-mailed to you.

Statements and opinions expressed in articles and comments are those of the authors, not Truthdig. Truthdig takes no responsibility for such statements or opinions.