Reforms: What kind of reforms have been implemented in Greece?
Since 2010, Greece has carried out a comprehensive range of reforms, which can be grouped into four areas (the most important examples are listed):
- Restoring the sustainability of public finances
- Personal income tax system revised
- VAT system streamlined for general efficiency and to reduce scope for fraud
- Unsustainable and fragmented pension system overhauled
- Safeguarding financial sustainability
- Governance of Greek systemic banks strengthened and brought in line with international best practice
- Structure of household and corporate insolvency legislation reviewed
- Reduction in stock of non-performing loans (NPLs)
- Structural policies to enhance growth, competitiveness and investment
- Labour market reforms – improved system of collective bargaining
- Product markets – reducing unnecessary barriers, lifting restrictions in regulated professions
- New independent fund (HCAP) for better management, improved service provision, and monetisation of key State assets
- Energy market for gas and electricity has been opened
- The functioning of Greece’s public sector
- Size of public sector reduced by 25% between 2009 and 2017
- Annual performance assessments for all public officials; competitive selection of senior management
- Reforms improving efficiency of judicial system