(MENAFN) The program of Greece's new coalition government will undo several austerity measures in case it is fully executed, as it lessens the terms of the USD163 billion latest bailout package, reported Reuters.
The program, which was agreed by leaders of the 3-party coalition after the June 17 election, includes tax reductions, more aid for the poor and the unemployed, terminating layoffs at the public sector, in addition to providing more time for the country to reduce its deficit.
The budget deficit of the Geek government was at 9.3 percent of gross domestic product (GDP) last year, and the government plans to ask for more 2 years, until 2016, to slash it to 2.1 percent.
The document noted that the lowest income tax threshold should be increased, and the minimum wage, which was reduced by 22 percent in February, should be revised in line with contracts between employers and workers.
It is worth noting that euro zone partners have offered modifications of the bailout conditions, not a fundamental rewrite, with Germany in particular opposed to more leniency.
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