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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):

  1. 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

 

  1. 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)

 

  1. 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

 

  1. 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

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