Fifth austerity package (Greece)

Fifth austerity package - October 2011 measures
Coat of arms of Greece
Hellenic Republic
Pension regulations, uniform pay scale - grading system, labour reserve and other provisions for the implementation of the Medium-term Fiscal Strategy Framework 2012-15
(Law 4024/2011)
Territorial extent Greece
Enacted by Hellenic Parliament
Date passed 20 October 2011 (For: 154; Against: 144)
Introduced by Government of Greece
Status: In force

The fifth austerity package is the fifth in a row of countermeasures of the Greek government to counter the Greek government-debt crisis. It was aimed to ensure the 6th bailout instalment for Greece.[1][2][3] The representatives of creditors required Greece to take new measures in order to limit the state expenditures. That was one of the conditions so that the financing of Greek economy to continue normally. The new bill (frequently is called multi-bill) hit mostly the civil servants and the retirees. It was voted by the Greek parliament on 20 October 2011 amid protests.[4][5] A man was killed during the demonstration of Syntagma Square.[6] Few days later the European countries ended up to an agreement for haircut of Greek debt.

The measures

The package includes:[7][8][9]

See also

References

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