Last Update: 22:33
The new dramatic cuts in pensions, new tax increases, additional measures to close the 535 million euro gap in 2018, and all other government commitments are outlined in text that has been published by the Commission on its website.
Interestingly, the Updated Memoranda are called drafts, which means that some changes are expected, while the focus is undoubtedly on the Report prepared by the IMF. What is to be noted is that the Commission’s basic Debt Task Force is based on achieving primary surpluses of 2.2% on average by 2060.
The most unpleasant surprise, however, is that we are not going directly from 2.5% to 2.2%, because in 2023 Greece must achieve a surplus of 3% and 2.5% in 2024.