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Thursday, February 29, 2024

Greek parliament passes authorities’s 2024 finances

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ATHENS, Greece — The Greek parliament on Sunday night authorized the federal government’s 2024 finances, the primary in 14 years with Greek debt listed at funding grade.

The finances handed on a 158-142 vote within the 300-member physique, with solely lawmakers from the governing conservative New Democracy occasion voting for it. In a separate vote, the protection finances was authorized 249-51, an unusually large margin.

A comparatively low-key debate over the finances lasted 5 days.

The finances forecasts 2.9% progress within the economic system for 2024, up from a projected 2.4% in 2023, which is 4 instances sooner than the Eurozone common. Prime Minister Kyriakos Mitsotakis mentioned he hoped the economic system may develop no less than 3%, based mostly on sturdy funding spending, forecast to rise 15.1%.

Greece’s gross home product, adjusted for inflation, was predicted to prime 200 billion euros ($218 billion) for the primary time since 2010, when Greece needed to be rescued after defaulting on its debt.

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Inflation was forecast to common 2.8%, barely increased than preliminary estimates, primarily due to persistently excessive food costs. The federal government expects to spend about 2.5 billion euros in subsidies to prop up decrease incomes hit by inflation, together with excessive electrical energy costs.

Answering opposition critics who argued the economic system is generally creating low-paying precarious jobs, Mitsotakis mentioned the minimal wage is about to rise for the fourth time in three years in April. He additionally mentioned 660,000 civil servants will see actual pay hikes for the primary time in 14 years in January.

However Mitsotakis additionally conceded issues persist, together with many structural weaknesses within the economic system and the way in which the federal government operates that helped carry on the monetary disaster within the 2010s. The reply, he mentioned, is bolder and deeper reforms.

As is customary, the parliament recessed for the end-of-year holidays after the finances vote.

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