x

Economy

Greece Checking Energy Firms for Gouging, Will Tax Windfall Profits

ATHENS – While offering susidies to offset the soaring prices of energy and gasoline, Greece’s New Democracy government said it will check the books of energy companies and tax any who are gouging consumers and customers.

Prices are being driven up by the effect of Russia’s invasion of Ukraine on international markets and oil suppying countries and has seen gasoline hit as high as the equivalent of $8.52 a gallon in Greece, twice that in the United States.

Prime Minister Kyriakos Mitsotakis told Parliament that he instructed Greece’s power regulator RAE “to start analyzing the data of all energy companies, from last October until today, and based on the RAE report, the government will act.”

“One thing is for sure: wherever profits are found, companies will be called upon to contribute to tackling the losses suffered by citizens,” he added. “I won’t hesitate, our government will not hesitate …to legislate a one-off levy for any such profits,” he also said, reported Kathimerini

Asked by a main opposition SYRIZA lawmaker Sokratis Famellos when this will happen, Mitsotakis said that as soon as the government has the RAE report, but it wasn’t said if he indicated what the tax would be.

The government also is providing support for the cost of electricity,  a sector where prices had nearly doubled in a year even before the invasion rocked the world, creating shortages of commodities and higher costs even for food.

 

RELATED

ATHENS - Marking the two-year anniversary of Russia’s ongoing invasion of Ukraine, Greece reiterated its support for the fight, the Foreign Ministry declaring Greece remains “determined to continue to support Ukraine” in its just fight for its independence, two years after Russia’s invasion.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

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.

Video

BRIDGEPORT, Conn. (AP) — It’s been nearly four months since a judge tossed out the results of a Democratic mayoral primary in Connecticut’s largest city due to allegations of ballot stuffing, sending voters repeatedly back to the polls and thrusting Bridgeport into an unflattering national spotlight.

ATHENS - Greece’s ministries of Foreign Affairs and Digital Governance said it will create a digital platform using Artificial Intelligence (AI) to identify and rebut fake news spreading lies about the country.

Michigan's presidential primary on Tuesday will offer a serious test of President Joe Biden's ability to navigate dissent within the Democratic Party over his response to Israel's war with Hamas.

WASHINGTON (AP) — Inflation has changed the way many Americans shop.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

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