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Third Austerity Package (Greece)
This article details the fourteen austerity packages passed by the Government of Greece between 2010 and 2017. These austerity measures were a result of the Greek government-debt crisis and other economic factors. All of the legislation listed remains in force. Background Membership in the European Monetary Union (EMU) has posed problems for some social classes, like the working class in Germany, and also on a countrywide scale for some EU members. Greece is in the latter category, along with Portugal, Ireland and Spain, presenting the problem of sovereign default, sometimes also called a "sovereign debt crisis". This situation originated with the tenuous integration of the periphery countries of the European Union into the eurozone and was made worse by the Great Recession. Austerity was one of the policy measures available to governments to manage the economic downturn. Greek withdrawal from the eurozone is another alternative or institutional reform of the eurozone. 2010 Febr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austerity
In economic policy, austerity is a set of Political economy, political-economic policies that aim to reduce government budget deficits through Government spending, spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments that find it difficult to Government debt, borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures. Proponents of these measures state that this reduces the amount of borrowing required and may also demonstrate a government's fiscal discipline to creditors and credit rating agencies and make borrowing easier and cheaper as a result. In most macroeconomic models, austerity policies which reduce government spending lead to increased unem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added Tax
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions. Products exported to other countries are typically exempted from the tax, typically via a rebate to the exporter. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer. VAT raises about a fifth of total tax revenues worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD). As of January 2025, 175 of the 193 countries with UN membership employ a VAT, including all OECD members except the United States. History German indust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Popular Orthodox Rally
The Popular Orthodox Rally or People's Orthodox Alarm (Greek: Λαϊκός Ορθόδοξος Συναγερμός, ''Laikós Orthódoxos Synagermós''), often abbreviated to LAOS (ΛΑ.Ο.Σ.) as a reference to the Greek word for ''people'', is a Greek right-wing populist political party. It was founded by journalist Georgios Karatzaferis in 2000, a few months after he was expelled from the centre-right New Democracy. Today, the party is led by Philippos Kampouris. In 2004, LAOS secured support from the Party of Hellenism and the Hellenic Women's Political Party. In 2005, LAOS absorbed the nationalist Hellenic Front. The youth branch of LAOS is the Youth of the Orthodox Rally (NEOS) (which is also a pun on the word for "youth" in Greek). The Popular Orthodox Rally was a member of the Europe of Freedom and Democracy (EFD) group in the European Parliament during the 7th European Parliament, and was a member of the Alliance of Independent Democrats in Europe, a European pol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dora Bakoyianni
Theodora "Dora" Bakoyanni (, ; née Mitsotaki, ; born May 6, 1954) is a Greek politician. From 2006 to 2009 she was Minister of Foreign Affairs of Greece, the highest position ever to have been held by a woman in the Cabinet of Greece at the time; she was also Chairperson-in-Office of the Organization for Security and Co-operation in Europe in 2009. Previously she was the Mayor of Athens from 2003 to 2006, the first female mayor in the city's history, and the first woman to serve as mayor of a city hosting the Olympic Games. She also served as Minister for Culture of Greece from 1992 to 1993. Bakoyannis has been serving as an independent member of the Hellenic Parliament representing unofficially Democratic Alliance, the political party she founded in 2010, having been expelled from the opposition New Democracy party due to voting against the party line. In May 2012, due to the critical situation in Greece before the elections and given the established electoral law, Democratic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SYRIZA
The Coalition of the Radical Left – Progressive Alliance (), best known by the syllabic abbreviation SYRIZA ( ; ; a pun on the Greek adverb , meaning "from the roots" or "radically"), is a Centre-left politics, centre-left to Left-wing politics, left-wing List of political parties in Greece, political party in Greece. It was founded in 2004 as a Parliamentary group, political coalition of left-wing and radical left parties, and registered as a political party in 2012. A Democratic socialism, democratic socialist, Progressivism, progressive party, Syriza holds a Pro-Europeanism, pro-European stance. Syriza also advocates for Alter-globalization, alter-globalisation, LGBT rights in Greece, LGBT rights, and secularism. In the past, SYRIZA was described as a typical Left-wing populism, left-wing populist party, but this was disputed after its government term and its recent opposition. Syriza is the third largest party in the Hellenic Parliament. Former party chairman Alexis Tsipr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Democracy (Greece)
New Democracy ( , ND/ΝΔ) is a liberal-conservative political party in Greece. In contemporary Greek politics, New Democracy has been the main centre-right to right wing political party and one of the two major parties along with its historic rival, the Panhellenic Socialist Movement (PASOK). New Democracy and PASOK were created in the wake of the toppling of the military junta in 1974, ruling Greece in succession for the next four decades. Following the electoral decline of PASOK, New Democracy remained one of the two major parties in Greece, the other being the Coalition of the Radical Left (SYRIZA). The party was founded in 1974 by Konstantinos Karamanlis and in the same year it formed the first cabinet of the Third Hellenic Republic. New Democracy is a member of the European People's Party, the largest European political party since 1999, the Centrist Democrat International, and the International Democracy Union. The support of New Democracy comes from a wide elect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PASOK
The Panhellenic Socialist Movement (, ), known mostly by its acronym PASOK (; , ), is a social democracy, social-democratic List of political parties in Greece, political party in Greece. Until 2012 it was Two-party system, one of the two major parties in the country, along with New Democracy (Greece), New Democracy, its main political rival. After a decade of poor electoral outcomes, PASOK has retained its position as one of the main Greek political parties and is currently the second largest party in the Greek Parliament. Following the Metapolitefsi, collapse of the Greek junta, Greek military dictatorship of 1967–1974, PASOK was founded on 3 September 1974 as a Socialism, socialist party. Formerly the largest left-of-center party in Greece between 1977 and 2012, PASOK lost much of its popular support as a result of the Greek government-debt crisis, Greek debt crisis. PASOK was the ruling party when the economic crisis began, and it negotiated the First Economic Adjustment P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010–2011 Greek Protests
The anti-austerity movement in Greece involved a series of demonstrations and general strikes that took place across the country. The events, which began on 5 May 2010, were provoked by plans to cut public spending and raise taxes as austerity measures in exchange for a bail-out, aimed at solving the Greek government-debt crisis. Three people were killed on 5 May in one of the largest demonstrations in Greece Athens Polytechnic Uprising, since 1973. On , anti-austerity activists organised by the Direct Democracy Now! movement, known as the Indignant Citizens Movement (, ''Kínima Aganaktisménon-Politón''), started demonstrating in major cities across Greece. This second wave of demonstrations proved different from the years before in that they were not partisan and began through peaceful means. Some of the events later turned violent, particularly in the capital city of Athens. Inspired by the anti-austerity protests in Spain, these demonstrations were organised entirely us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Papandreou
George Andreas Papandreou (, , shortened to ''Giorgos'' () to distinguish him from his grandfather; born 16 June 1952) is an American-born Greek politician who served as Prime Minister of Greece from 2009 to 2011. He is currently serving as an MP for PASOK-Kinima Allagis. Belonging to a political dynasty of long standing, he served under his father, then-prime minister Andreas Papandreou as Minister for National Education and Religious Affairs (1988–1989 and 1994–1996). He served as Minister for Foreign Affairs under Prime Minister Costas Simitis from 1999 to 2004. Papandreou was leader of the Panhellenic Socialist Movement (PASOK) party, which his father founded, from February 2004 until March 2012, and has been president of the Socialist International from 30 January 2006 to 25 November 2022. On 6 October 2009, George Papandreou became the 182nd Prime Minister of Greece. He was the third member of the Papandreou family to serve as the country's prime minister, foll ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks with a balance sheet total of around 7 trillion. The Governing Council of the European Central Bank, ECB Governing Council makes monetary policy for the Eurozone and the European Union, administers the foreign exchange reserves of EU member states, engages in foreign exchange operations, and defines the intermediate monetary objectives and key interest rate of the EU. The Executive Board of the European Central Bank, ECB Executive Board enforces the policies and decisions of the Governing Council, and may direct the national central banks when doing so. The ECB has the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the volume must be approved by the EC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The union has a total area of and an estimated population of over 449million as of 2024. The EU is often described as a ''sui generis'' political entity combining characteristics of both a federation and a confederation. Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the European Union Customs Union, Customs Union, paved the way to establishing European Single Market, an internal single market based on standardised European Union law, legal framework and legislation that applies in all member states in those matters, and only those matters, where the states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
