Territorial extent Greece Introduced by Government of Greece | Enacted by Hellenic Parliament | |
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Date passed 29 June 2011 (For: 155; Against: 138; 5 Abstentions) | ||
The Fourth austerity package, commonly called 'The Medium-term Programme' or 'The June 2011 measures', is part of the countermeasures of the Greek government to counter the Greek government-debt crisis. It was approved by the Hellenic Parliament in June 2011.
Further austerity was introduced in 2011. In the midst of public discontent, massive protests and a 24-hour-strike throughout Greece, the parliament debated on whether or not to pass a new austerity bill, known in Greece as the "mesoprothesmo" (the mid-term [plan]). The government's intent to pass further austerity measures was met with discontent from within the government and parliament as well, but was eventually passed with 155 votes in favour (a marginal 5-seat majority). Horst Reichenbach headed up the task force overseeing Greek implementation of austerity and structural adjustment.
Specific measures
The new measures included:
On 11 August 2011 the government introduced more taxes, this time targeted at people owning immovable property. The new tax, which was paid through the owner's electricity bill, affected 7.5 million Public Power Corporation accounts and ranged from 3 to 20 euro per square meter. The tax applied for 2011–2012 and was expected to raise €4 billion in revenue.
On 19 August 2011 the Greek Minister of Finance, Evangelos Venizelos, said that new austerity measures "should not be necessary". On 20 August 2011 it was revealed that the government's economic measures were still out of track; government revenue went down by €1.9 billion while spending went up by €2.7 billion.
On a meeting with representatives of the country's economic sectors on 30 August 2011, the Prime Minister and the Minister of Finance acknowledged that some of the austerity measures were irrational, such as the high VAT, and that they were forced to take them with a gun to the head.