The preannouncement of VAT hike from 23% to 24% will lead to new big price increase on products and services and many instances of speculation which will bring Greek people to their knees, who are struggling to survive.

The new VAT rate will apply as of July 1 and even though, it might provide temporally a boost in Greek market with people rushing to buy things with lower VAT, when the new VAT rate is applied, the spending power will be dramatically restricted affecting also the state revenue.