Greece Gives Citizens One Day to Consider Draft Law on Austerity Measures

Late on Saturday the Greek authorities released a draft law on the austerity measures to be implemented in the country for public discussion on the Open Government website that will last until 9 a.m. local time (06:00 GMT) Monday.

ATHENS (Sputnik) — The adoption of the austerity measures is stipulated in Athens’ third and latest bailout package from its European creditors and constitutes a condition for the further extension of credits to the country.

Among other measures, the draft provides for the retirement age increase from 55 years for men and 50 for women to 67 for both genders.

Income from real estate up to 12,000 euros ($13,630), currently taxed by 11 percent, is proposed to be taxed by 15 percent while annual income of over 12,000 euros are to be taxed by 35 percent instead of the current 33.

The draft is expected to be passed into law next week.

In July, Greece agreed to strict austerity measures after marathon bailout talks with 18 other eurozone nations and international creditors in exchange for a bailout package worth 86 billion euros.

On Monday, Eurogroup President Jeroen Dijsselbloem said that the implementation of Greek reforms depended on how soon money lenders can recapitalize cash-strapped Greek banks and negotiate the restructuring of Greece’s large national debt.