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| Greek parliament approves controversial tax and pension changes | |
| (35 minutes later) | |
| The Greek parliament has approved a controversial bill reforming the debt-plagued country’s pension and tax systems. | The Greek parliament has approved a controversial bill reforming the debt-plagued country’s pension and tax systems. |
| The bill, introduced as part of requirements that Greece must meet under its third international bailout, will increase social security and pension contributions and raise taxes for most people. | The bill, introduced as part of requirements that Greece must meet under its third international bailout, will increase social security and pension contributions and raise taxes for most people. |
| The bill was approved by the 153 MPs of the ruling Syriza/Independent Greeks government coalition, while all opposition parties in the 300-member parliament voted against. | The bill was approved by the 153 MPs of the ruling Syriza/Independent Greeks government coalition, while all opposition parties in the 300-member parliament voted against. |
| The vote took place amid a crippling general strike and protests that briefly turned violent earlier on Sunday. | The vote took place amid a crippling general strike and protests that briefly turned violent earlier on Sunday. |
| The reforms are seen as the toughest since the Greek debt crisis began. | The reforms are seen as the toughest since the Greek debt crisis began. |
| Leftist prime minister Alexis Tsipras called Sunday night’s vote to placate eurozone finance ministers who are meeting in emergency session to discuss Greece on Monday. | Leftist prime minister Alexis Tsipras called Sunday night’s vote to placate eurozone finance ministers who are meeting in emergency session to discuss Greece on Monday. |
| Ahead of Monday’s eurogroup meeting, finance minister Euclid Tskalotos warned darkly of the perils involved in demanding yet more cuts of a nation whose economy has shrunk by more than 25% in the six years since successive governments began slashing budgets in return for bailout aid. | Ahead of Monday’s eurogroup meeting, finance minister Euclid Tskalotos warned darkly of the perils involved in demanding yet more cuts of a nation whose economy has shrunk by more than 25% in the six years since successive governments began slashing budgets in return for bailout aid. |
| For a time, it seemed, Greece’s economic woes had gone away. Eclipsed by Europe’s refugee crisis, terrorist attacks and the fears engendered by Britain’s forthcoming EU referendum, Athens’s debt drama seemed to disappear. | For a time, it seemed, Greece’s economic woes had gone away. Eclipsed by Europe’s refugee crisis, terrorist attacks and the fears engendered by Britain’s forthcoming EU referendum, Athens’s debt drama seemed to disappear. |
| But policymakers are discovering that may have been wishful thinking. The nation that last year came close to exiting the euro is once again on the brink. | But policymakers are discovering that may have been wishful thinking. The nation that last year came close to exiting the euro is once again on the brink. |
| The overhaul of the pension system – along with unpopular tax measures and an increase in VAT – form the central plank of a €5.4bn (£4.2bn) package of budget cuts and reforms that Tsipras has agreed to enact in exchange for rescue funds from a third €86bn bailout, which the country signed up to last summer. | The overhaul of the pension system – along with unpopular tax measures and an increase in VAT – form the central plank of a €5.4bn (£4.2bn) package of budget cuts and reforms that Tsipras has agreed to enact in exchange for rescue funds from a third €86bn bailout, which the country signed up to last summer. |
| After nine months of wrangling over the latest austerity measures, the onetime firebrand Tsipras had hoped Sunday’s vote would unlock further funds. | After nine months of wrangling over the latest austerity measures, the onetime firebrand Tsipras had hoped Sunday’s vote would unlock further funds. |
| In July, Greece faces €3.5bn in debt repayments. Without bailout aid, once again it would be confronting the spectre of default and likely ejection from the single currency. | In July, Greece faces €3.5bn in debt repayments. Without bailout aid, once again it would be confronting the spectre of default and likely ejection from the single currency. |