Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    Greece announces new property tax

    THESSALONIKI, Greece (AP) — Greece's cash-strapped government said Sunday that it would impose a new property tax on top of existing austerity measures in order to combat a revenue shortfall.

    The government also decided, in a symbolic move aimed at a public angry at politicians, to dock a month's pay from all elected central and local government officials.

    Finance Minister Evangelos Venizelos said the tax will be levied over the next two years and will cost citizens an average of euro4 ($5.53) per square meter (10.76 sq. feet).

    Debt-crippled Greece urgently needs to keep a program of cutbacks on track to secure the continued flow of international rescue loans — worth euro219 billion ($302.6 billion) — protecting it from catastrophic bankruptcy.

    Over the past 20 months, the Socialist government has cut pensions and salaries while raising taxes and retirement ages. But its efforts to cut back while reviving a fast-contracting economy amid record unemployment have faltered, sparking new market distress.

    Speaking after a three-hour cabinet meeting in Greece's second-largest city of Thessaloniki, Venizelos said the new property levy — in addition to public sector reforms announced last week — will make up for lagging revenues this year by providing more than euro2 billion ($2.76 billion), about 1 percent of annual gross domestic product.

    Venizelos added that top Greek officials from the head of state to senior ministry executives will lose one month's pay.

    "The levy and the reforms are enough for us to pull through, but that also depends on the response of Greek society," he said. "It will be sufficient for us to achieve our targets."

    Venizelos added that, if the measures work, Greece can expect a 2012 budget deficit of euro17.1 billion, about 8 percent of GDP, higher than the previously predicted 7.6 percent.

    He warned, however, that the economy was expected to shrink at an even faster pace than expected, contracting 5.3 percent in 2011.

    On Saturday, Prime Minister George Papandreou, in a keynote speech on the economy in Thessaloniki, pledged to meet fiscal targets despite the economic slowdown.

    As the prime minister spoke, riots raged on the streets outside during an anti-austerity protest by some 25,000 people. Police arrested nine suspected rioters, while nine officers and 10 demonstrators were injured.

    ___

    Demetris Nellas contributed from Athens.

     

    11 comments

    • Kevin Wilson  •  8 mths ago
      Just a question here: How does the Greek Government expect to collect any of these new taxes when no one will be able to pay them because they aren't working because they are rioting in the streets
    • george-the-greek  •  8 mths ago
      Don't invest in Greece. Greek governments are all corrupt. Don't invest in Greece.
    • george-the-greek  •  8 mths ago
      What a hypocrites these Greek politicians are. They decided, in a symbolic move aimed at a public angry at politicians, to dock a month's pay from all elected central and local government officials while they are exempted from paying taxes. The Greek ambassador in China gets paid 9000 Euro per month plus his salary in Greece tax free with all traveling expenses paid by the taxpayers. A Greek civil servant in the ministry of foreign affairs assigned to work in a foreign mission get paid twice plus hundreds of benefits every month, all are tax exempted with all traveling expenses paid by the taxpayers. Greek Civil servants get paid massive salaries with unbelievable benefits with a secured job for life which means they cant get the sack nor made redundant. This crisis is caused by the two major political parties to gather votes for elections and now we the Greeks will pay the mistakes of these greedy corrupt politicians.
    • A Yahoo! User  •  8 mths ago
      Here in the USA the bulk of the lay masses do think that the government is the answer. Folks wanted and got another 52 weeks of unemployment on top of some that already have 99 weeks. Political leaders think all in short term. Many really do not care in the recent Obamacare has scared my health insurance companies and driven my premiums sky high. To the Joe on the street and unemeployed, free healthcare is a dream. For me as an employer my premiums have gone from 880 to 2430 bucks per month per person, ie un affordable. Thus here I had to fire an entire production line in the usa and now have the parts made in China. JOE six pack that is unemployed that we businesses are full of cash that I am evil for firing folks to stay afloat. The lay masses think that none of these social policies have a high cost. The USA might become like Greece where the masses riot once their 151 weeks of unemployment is cut.
    • ustaknow  •  8 mths ago
      the reason bigger government is not the solution is that Government are net takers of taxes private sector is net payers of taxes logic implies that we must have more net tax payers than net tax takers.

      Democrats Bigger Government growth plans will only work off more borrowing and borrowing is causing us to go broke-

      unless we eliminate the debt- what is happening in Greece will happen here in America
    • A Yahoo! User  •  8 mths ago
      Greece just needs to have some leaders that preach HOPE and CHANGE and all woes will magically be fixed!
    • Melissa  •  8 mths ago
      Last person in Greece please turn out the lights before you leave, rotflmao!!
      • John Smithe III 8 mths ago
        They've kept the lights on for 6000 years Melissa. They don't seem to understand the gravity of this situation.
      • Mauna 8 mths ago
        As usual your types of Brain intelligence never really fully understand what my words truly mean; I am truly AGAINST the TOPS everywhere around this planet which consist of great wealths, they IN SECRET to even the HERE AND NOW of 2011 still are very communistic when it comes to Rule/leadership. CENTRAL INTELLIGENCES never confess the whole truth and nothing, but the truth. And as a PIN POINT of being the most important and taking away from everyone else in order and only to gain more wealth and ownership of large assets, they are all the ones who DO THE MOST HEINOUS OF ACTIVITIES and crimes, yet want to believe they are JESUS CHRIST and have the right to be extremely Scrutinous toward any of those outside their Privatized ring of wealth and POWER. By word it says; "for there are no secrets kept from the Housetops, all things said and done will be brought to true light".
    • Mamma Mia  •  8 mths ago
      You get what you vote for. I guess socialism really doesn't work after all.
    • Mauna  •  8 mths ago
      Looks like some of the European countries (if not all of them) are going back to that Aristocratic.MONOARCHY/CAESAR rule or should be KNOWN more so as the RULE from the ROMAN EMPIRE...and lots of EVIL events took place in their Kingdom yet they all call themselves TRUE CHRISTIANS....
      • Melissa 8 mths ago
        Spoken like a true commie.
    • Chill Bill  •  8 mths ago
      We need to cut these deadbeat government salaries by at least 50%.
    • screwybruce  •  8 mths ago
      Greece should shorten their last names to save money. Printing ALL those letters must cost extra millions in ink alone, let alone the data entry time it takes to enter them!
    [ [ [['Connery is an experienced stuntman', 2]], 'http://yhoo.it/KeQd0p', '[Slideshow: See photos taken on the way down]', ' ', '630', ' ', ' ', ], [ [['Connery is an experienced stuntman', 7]], ' http://yhoo.it/KpUoHO', '[Slideshow: Death-defying daredevils]', ' ', '630', ' ', ' ', ], [ [['know that we have confidence in', 3]], 'http://yhoo.it/LqYjAX ', '[Related: The Secret Service guide to Cartagena]', ' ', '630', ' ', ' ', ], [ [['We picked up this other dog and', 5]], 'http://yhoo.it/JUSxvi', '[Related: 8 common dog fears, how to calm them]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 5]], 'http://bit.ly/JnoJYN', '[Related: Did WH share raid details with filmmakers?]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 3]], 'http://bit.ly/KoKiqJ', '[Factbox: AQAP, al-Qaeda in Yemen]', ' ', '630', ' ', ' ', ], [ [['have my contacts on or glasses', 3]], 'http://abcn.ws/KTE5AZ', '[Related: Should the murder charge be dropped?]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 5]], 'http://yhoo.it/JD7nlD', '[Related: Bristol Palin reality show debuts June 19]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 1]], 'http://bit.ly/JRPFRO', '[Related: McCain adviser who vetted Palin weighs in on VP race]', ' ', '630', ' ', ' ', ], [ [['A JetBlue flight from New York to Las Vegas', 3]], 'http://yhoo.it/GV9zpj', '[Related: View photos of the JetBlue plane in Amarillo]', ' ', '630', ' ', ' ', ], [ [['the 28-year-old neighborhood watchman who shot and killed', 15]], 'http://news.yahoo.com/photos/white-house-stays-out-of-teen-s-killing-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120411/martinzimmermen.jpg', '630', ' ', 'AP', ], [ [['Titanic', 7]], 'http://news.yahoo.com/titanic-anniversary/', ' ', 'http://l.yimg.com/a/p/us/news/editorial/b/4e/b4e5ad9f00b5dfeeec2226d53e173569.jpeg', '550', ' ', ' ', ], [ [['He was in shock and still strapped to his seat', 6]], 'http://news.yahoo.com/photos/navy-jet-crashes-in-virginia-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120406/jet_ap.jpg', '630', ' ', 'AP', ], [ [['xxxxxxxxxxxx', 11]], 'http://news.yahoo.com/photos/russian-grannies-win-bid-to-sing-at-eurovision-1331223625-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/a/p/us/news/editorial/1/56/156d92f2760dcd3e75bcd649a8b85fcf.jpeg', '500', ' ', 'AP', ] ]
    [ [ [['did not go as far his colleague', 8]], '29438204', '0' ], [ [[' the 28-year-old neighborhood watchman who shot and killed', 4]], '28924649', '0' ], [ [['because I know God protects me', 14], ['Brian Snow was at a nearby credit union', 5]], '28811216', '0' ], [ [['The state news agency RIA-Novosti quoted Rosaviatsiya', 6]], '28805461', '0' ], [ [['measure all but certain to fail in the face of bipartisan', 4]], '28771014', '0' ], [ [['matter what you do in this case', 5]], '28759848', '0' ], [ [['presume laws are constitutional', 7]], '28747556', '0' ], [ [['has destroyed 15 to 25 houses', 7]], '28744868', '0' ], [ [['short answer is yes', 7]], '28746030', '0' ], [ [['opportunity to tell the real story', 7]], '28731764', '0' ], [ [['entirely respectable way to put off the searing constitutional controversy', 7]], '28723797', '0' ], [ [['point of my campaign is that big ideas matter', 9]], '28712293', '0' ], [ [['As the standoff dragged into a second day', 7]], '28687424', '0' ], [ [['French police stepped up the search', 17]], '28667224', '0' ], [ [['Seeking to elevate his candidacy back to a general', 8]], '28660934', '0' ], [ [['The tragic story of Trayvon Martin', 4]], '28647343', '0' ], [ [['Karzai will get a chance soon to express', 8]], '28630306', '0' ], [ [['powerful storms stretching', 8]], '28493546', '0' ], [ [['basic norm that death is private', 6]], '28413590', '0' ], [ [['songwriter also saw a surge in sales for her debut album', 6]], '28413590', '1', 'Watch music videos from Whitney Houston ', 'on Yahoo! Music', 'http://music.yahoo.com' ], [ [['keyword', 99999999999999999999999]], 'videoID', '1', 'overwrite-pre-description', 'overwrite-link-string', 'overwrite-link-url' ] ]