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Memorandum № 3: the 56 changes it will bring into the life and economy of the Greeks

27 October 2012 / 21:10:45  GRReporter
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2 Tax value of property to be increased from March 2013, so that sales prices are approached.

3 Increase of the tax on interest on deposits from 10% to 15% in 2014.

4 Retroactive removal of tax reliefs from the current financial year.

5 Taxation of farmers by 6% based on their revenues and expenditures.

6 Implementation of a tax on lottery games (2% to 4%).

7 Vote on legislation for the creation of a special unit of 100 inspectors for checks on large taxpayers, and a unit of 50 supervisors for the wealthy self-employed.

Health - National organization for the provision of health services

1 The merger of all funds without exception into the National Organization for the provision of health services.

2 Additional measures this year to achieve the goal of reducing pharmaceutical costs by requiring pharmacies to replace prescribed medicines with medicines which contain the same active substance, but are cheaper.

3 Limiting the services provided by the National Organization for the provision of health services and increasing the cost for private healthcare.

4 Revision of the salaries and the number of diagnostic centres the National Organization for the provision of health services cooperates with.

5 The introduction of a system with recommended prices for the recovery of medical equipment.

6 Increase of contributions paid by the insured in the Agricultural Insurance Organisation (ELGA), to the levels of the contributions coming from members of the National Organization for the provision of health services.


1 Removal of the requirement for a minimal space in order for the sale of food products to be permitted.

2 Supermarkets are allowed to sell pre-packaged meat, cheese or fish, and the sale of baby goods is liberalized.

3 The working hours of the employees of the company (as defined by Law 1037/1971 and the relevant provisions) are separated from the working hours of the company itself.


1 The price of tickets for the public transport in Athens and for the railways is increased by at least 25% from March 2013.

Energy market - State Electric Company

1 In November, the government will submit a plan to restructure the State Electric Company, on the one hand aiming at the preparation of its privatization, and on the other hand at making it competitive compared to other companies in the liberalized energy market. The plan will specify which parts of the State Electric Company will be privatized and in what timeframe.

2 The bills of the State Electric Company are increased from the beginning of 2013, except for those to the socially disadvantaged groups of the population.

3 Steps are taken to reduce the salaries of employees of the State Electric Company, as the government will present the Troika a study by a European markets specialist, in order to compare the total salary of employees in the Greek State Electric Company to the "best practices" of the European companies for the production and supply of electricity. Such a comparison will also be made with respect to the practices in the Greek private companies of the last quarter of 2012.

Investments - Privatization

1 Reduction of the Public investment programme by 300 million euro.

2 Review of the objectives in relation to privatization transactions and a reduction of the expected revenues to 25 billion euro by 2020.

Tags: Memorandum Troika package of measures Antonis Samaras Evangelos Venizelos
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