Greece’s Parliament Approves Tax Increases and Cuts to Pensions and Bonuses to Curb Financial Crisis

Greece’s parliament approved a government proposal to increase tax while slashing pensions and public sector bonuses as a means of curbing the financial crisis that has paralyzed the country.

The controversial vote passed 172-121, igniting further protests and sparking violent reaction from citizens outside the parliament building. Police were on hand launching tear gas and stun grenades to disperse the large crowds but protesters countered by hurling objects back at the security forces.

At the heart of the crisis is Greece’s inability to manage its debt problems, an issue that many believe has stalled the global economic recovery.

While the vote was not popular among Greek citizens Finance Minister George Papaconstantinou said “Without these measures, we'd be thrown into the deepest recession this country has ever known.” Papaconstantinou warned that the country was on the verge of bankruptcy and the only way to avoid such an outcome was to accept a $142 billion bailout from 15 European countries and the International Monetary Fund.

That bail-out came with stipulations though and those austerity measures included pay freezes, bonus cuts pension freezes, a rise in retirement age, and tax increases.

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