x

Economy

Citing Deficit, Finance Chief Says Greece Can’t Afford Tax Cuts

ATHENS – Although Greece has diverted to other programs some monies from 32 billion euros ($34.37 billion) from European Union COVID-19 pandemic relief loans and grants, there isn’t enough to give beleaguered households any tax relief, Finance Minister Christos Staikouras said.

“Greece will have a primary deficit this year, as spending will again exceed revenue,” he said after earlier giving optimistic reports about growth and a faster economic rebound although the pandemic is lingering.

“So voices calling for more support measures, such as cutting a special consumption tax on fuel, means that they support a higher fiscal deficit, higher interest rates and costs, measures that will lead to more burdens for households and enterprises in the medium term,” he said, reported Kathimerini.

Speaking in Parliament, he said that the New Democracy government had pumped billions of aid into helping workers and businesses during COVID lockdowns and now to subsidized spiraling enery costs and electric bills.

“We proved it during the pandemic and during the energy crisis. Whenever there is fiscal space the state returns this to society and particularly to those on medium and low incomes,” he said, adding that during the energy crisis Greece offered twice the amount of money compared with the European average to support households and enterprises, the paper said.

The government had said it would consider reducing the 24 percent Value Added Tax (VAT) on food as costs are soaring and many households and families are cutting back on necessities.

RELATED

Alexandros Kachrimanis is the Regional Governor of Epirus, one of Greece’s most important and beautiful – but perhaps least known regions.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Woman Fatally Shot while Pushing Stroller on Upper East Side

NEW YORK — A 20-year-old woman was fatally shot Wednesday night while she pushed her infant daughter in a stroller on the Upper East Side, police said.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.