Greek public revenue down by 9.2bln euros during economic crisis

Tax hikes have failed completely

According daily newspaper “Kathimerini”, the sweeping tax measures imposed on Greek businesses and citizens, as part of the fiscal adjustment policies adopted from 2010 to 2016 to raise state revenue have failed. Citing official data from the European Commission, the article underlines that the tax hikes amounting to 37 billion euros over the 6-year period, staring from the first bailout program till the third one, have actually had a negative effect on public revenues, resulting in a 9.2 billion euro decline. The Greek governments have passed aggregate measures worth 72.6 billion euros over the economic crisis, mainly through the imposition of spending cuts and tax increases, with the measures linked to spending cuts being dubbed as successful, while the tax hike measures completely failing. .