back. The list must be revised by June, with the
aim of reducing the said occupations to 10% of
the workforce. The new regime will come into
force on July 1, 2011.
14. Supplementary pensions:
Supplementary
pensions are also cut back. The actuarial studies
will be completed within the first half of the year
and the cut-backs will be made on the basis of
each fund’s strength. The aim is to reduce sup-
plementary pensions to 20% of the salary used
for calculating pensions.
15. Health expenses:
The government is imple-
menting a plan that sets quantitative targets for
severe cuts in the public health system (without
excluding the possibility of closing certain state
hospitals), with the ultimate goal of containing
health expenses to 6% of GDP per year.
16. Restructuring of the Greek railways:
A 49%
stake in TRAINOSE will be sold, the latest by
December 2011.
17. Labour inspectors:
The Labour Inspectorate
is assigned increased responsibilities, and there-
fore will be enhanced with specialized staff.
Moreover, the Inspectorate will be setting quanti-
tative targets in regard to the number of inspec-
tions that must be performed.
18. Transparency:
The public administration has
enacted the Better Regulation Agenda, which
aims at reducing administrative costs by 20%.
Moreover, the government is creating a website
for publishing all public tenders and their results.
19. Businesses:
Company mergers & acquisi-
tions are simplified, by means of a new law that
will abolish tax barriers such as the non-transfer
of accumulated losses along with the target-com-
pany, and the complex calculation of “goodwill”
upon the transfer of companies.
20. Budget:
Faithfully adhering to the budget’s
targets is considered to be the most critical chal-
lenge for the year 2011. For this reason, funds to
ministries will be sparingly disbursed. Each
month, ministries will be receiving 1/14 of the
budget’s expenditure (excluding wages, pensions
and interest). The remaining expenditures of the
budget will not be disbursed prior to September
2011 and will be subject to cancellation by the
Ministry of Finance in case the deficit cut target is
not achieved.
Trade with Greece
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