The German newspaper Handelsblatt has published the full agreement between Greece and the creditors. In the 53 pages of the final text the most important elements are:

– An up to 18% cut in the pensions from 1/1/2019, with the average reduction being 9%. This means that the losses for the pensioners will be starting from around 300 Euros.

– From 1/1/2020 (or 1/1/2019 if the objective of the primary surplus is not achieved) the tax-free limit will go from 8.636 to 5.681 Euro, which means that the weaker taxpayers will pay extra 650 Euros or more. Pensioners with 474 Euros per months will not benefit from the tax-free limit.

– The military and security personnel, doctors, judges, university teachers, will be affected, since a cut in some of their benefitsd is -according to the MoU- a necessary “prior action”. It is estimated that approximately 180.000 public servants will be affected by this, the greatest majority of which belong to the military and security forces of the country.

What is worth mentioning is that the IMF demands the main opposition party, New Democracy, must officially commit to the measures that have been agreed upon for 2020 and beyond.

read full MoU here