First austerity package | |
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Hellenic Republic | |
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date commenced | February 9th, 2010 |
Introduced by | Government of Greece |
Status: In force |
Second austerity package | |
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Hellenic Republic | |
Protection of the national economy - Emergency measures to tackle the fiscal crisis (Law 3833/2010) | |
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 5 March 2010 |
Date assented to | 11 March 2010 |
Date commenced | 13 March 2010 |
Legislative history | |
Bill published on | 3 March 2010 |
Introduced by | Government of Greece |
Status: In force |
Third austerity package – The first memorandum | |
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Hellenic Republic | |
Measures for implementing the support mechanism of the Greek economy by the member-states of the Eurozone and the IMF (Law 3845/2010) | |
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 6 May 2010 (For: 172; Against: 121; 3 Abstentions) |
Date assented to | 6 May 2010 |
Date commenced | 6 May 2010 |
Introduced by | Government of Greece |
Status: In force |
Fourth austerity package – 'The Medium-term Programme' | |
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Hellenic Republic | |
Medium-term fiscal strategy 2012-15 (Law 3895/2011) |
|
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 29 June 2011 (For: 155; Against: 138; 5 Abstentions) |
Introduced by | Government of Greece |
Status: In force |
Fifth austerity package – October 2011 measures | |
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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 |
Sixth austerity package – February 2012 measures | |
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Hellenic Republic | |
Approval of Plans of Financial Facilitation between the European Financial Stability. Facility (E.F.S.F.), the Greek Republic and the Bank of Greece, the Plan of Memorandum of Understanding between the Greek Republic, the European Commission and the Bank of Greece and other urgent measures. (Law 4046/2012) |
|
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 12 February 2012 (For: 199; Against: 74; 5 Abstentions) |
Introduced by | Government of Greece |
Status: In force |
Seventh austerity package – October/November 2012 measures | |
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Hellenic Republic | |
Approval of the Medium Term Fiscal Strategy Plan 2013-2016,Urgent implementation measures of L.4046/2012 and the Medium Term Fiscal Strategy Framework 2013-2016. (Law 4093/2012) |
|
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 31 October and 7/8 November 2012 (For: 153; Against: 128; 18 Abstentions) |
Introduced by | Government of Greece |
Status: In force |
Eighth austerity package – April/July 2013 measures | |
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Hellenic Republic | |
1. Urgent measures on the application of Laws 4046/2012,. 4093/2012 and 4127/2013 (Law 4152/2013) 2. Income taxation, urgent measures for the implementation of law 4046/2012, of law 4093/2012 and of law 4127/2013 and other provisions. (Law 4172/2013) |
|
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 28 April 2013 and 17 July 2013 |
Introduced by | Government of Greece |
Status: In force |
Ninth austerity package – May 2014 measures | |
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Hellenic Republic | |
Medium-term Fiscal Strategy plan 2015-2018 (Law 4263/2014) |
|
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed | 9 May 2014 (For: 150; Against: 119) |
Date assented to | 13 May 2014 |
Date commenced | 14 May 2014 |
Legislative history | |
Bill published on | 30 April 2014 |
Introduced by | Government of Greece |
Committee report | Report of the Standing Committee of Financial Affairs |
Status: In force |
Tenth austerity package – July 2015 measures | |
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Hellenic Republic | |
1. Urgent prerequisites for the negotiation and conclusion of an agreement with the European Stability Mechanism (E.S.M) (Law 4334/2015) 2. Urgent measures for the implementation of Law 4334/2015 (Law 4335/2015) |
|
Territorial extent | Greece |
Enacted by | Hellenic Parliament |
Date passed |
1. 15 July 2015 (For: 229; Against: 64; 6 Abstentions) 2. 22 July 2015 (For: 230; Against: 63; 5 Abstentions) |
Date assented to |
1. 16 July 2015 2. 23 July 2015 |
Date commenced |
1. 16 July 2015 2. 23 July 2015 |
Introduced by | Government of Greece |
Status: In force |
This article details the fourteen austerity packages passed by the Government of Greece between 2010 and 2017. These austerity measures were a result of the Greek government-debt crisis and other economic factors. All of the legislation listed remains in force.
The first austerity package was the first in a row of countermeasures of the Greek government to counter the Greek government-debt crisis. It was approved by the Hellenic Parliament in early 2010.
The first austerity measure was a minor austerity package with the purpose of reducing the budget deficit. These measures preceded the First Economic Adjustment Programme for Greece known as "momerandum. It emerged after the promise of the Greek prime minister in the World Economic Forum of Davos, Switzerland. He promised that he would take some measures so that the deficit was cut. The package was implemented on 9 February 2010 and was expected to save €0.8 billion; it included a freeze in the salaries of all government employees, a 10% cut in bonuses, as well as cuts in overtime workers, public employees and work-related travel.
The second austerity package is part of the countermeasures of the Greek government to counter the Greek government-debt crisis. It was approved by the Hellenic Parliament in March 2010.
On 5 March 2010, amid new fears of bankruptcy, the Greek parliament passed the "Economy Protection Bill", which was expected to save another €4.8 billion. The measures include (in addition to the above): 30% cuts in Christmas, Easter and leave of absence bonuses, a further 12% cut in public bonuses, a 7% cut in the salaries of public and private employees, a rise of VAT from 4.5% to 5%, from 9% to 10% and from 19% to 21%, a rise of tax on petrol to 15%, a rise in the (already existing) taxes on imported cars of up to 10%–30%, among others.