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Tax relief in Greece: A new beginning for young families!
Greece is bolstering its economy with €1.7 billion in tax cuts to combat living costs and youth unemployment.
Tax relief in Greece: A new beginning for young families!
Greece has experienced a remarkable economic recovery in recent years. 15 years ago, the country was on the brink of an abyss, threatened to leave the euro and was dependent on international aid to survive the crisis. Thanks to a rescue package from international donors, massive social cuts that placed a heavy burden on the population were alleviated. The latest austerity and reform measures expired in 2018 and the situation has improved significantly since then.
Today, unemployment stands at 8%, a dramatic decline from the previous 28% for the general population and 60% for young people. Higher investments have contributed to the stability of the economy, and government deficits are also on a downward trend. Greece is currently one of the fastest growing countries in the EU daily news determines.
Tax relief for the population
One of the most recent announcements comes from Prime Minister Kyriakos Mitsotakis, who announced tax relief worth 1.7 billion euros. These measures are particularly aimed at young people and families. The planned relief includes complete income tax exemption for young people under the age of 25 with an income of up to 20,000 euros. In addition, families with children should benefit from lower or no income taxes. Lower tax rates and investment incentives are planned for tenants and residents of small villages and island regions in order to reduce the cost of living, relieve the strained housing market and prevent the migration of highly qualified young people.
Greece's economic stability is also illustrated by comparing interest rates. While Greece was still struggling with an interest rate of 9.18% in 2015, the conditions have now fallen to 3.33%. For comparison: France is currently at 3.44%, which gives the country the best bond conditions in years South German newspaper.
A look into the future
The Greek economy grew by 2.3% last year, which is a positive sign for future economic development. The tax relief measures are in line with European budgetary guidelines and are a clear step in the right direction. Prime Minister Mitsotakis emphasizes the necessity of these reforms in order to continue the positive development and proactively counteract further social challenges.
The coming months will be crucial to see how these new measures affect the everyday lives of Greeks. It remains to be seen whether the desired goals will be achieved and whether the country's residents can noticeably benefit from the announced relief.