Calamos Supports Greece

Giorgos Katrougalos

Employers and Employee Unions Agree in Principle on New Labor Laws in Greece

Representatives of employer associations and employee unions reached a minimum level of agreement on Tuesday on the upcoming changes on labor laws. The two sides negotiated in the presence of Labor Minister Giorgos Katrougalos. They chose to put disagreements and...

Low Pensions Slashed by 48% for 148,000 Recipients in Greece

About 148,000 low pension recipients saw their pensions slashed in half after the new pension cuts went into effect as part of the fiscal adjustments the government had to make. Specifically, 148,000 pensioners who were receiving the supplementary solidarity pension...

Finance Ministers have No Authority to Restrict Mass Layoffs, European Court Says

The European Court of Justice has just deemed incompatible with European Union legislation a Greek law that forces companies to seek labor ministry approval before they proceed with mass layoffs. Greece's creditors have asked Athens to repeal the labor minister...

Contingency Measures Add Hurdles on Greece-Creditors Agreement

The addition of contingency measures worth 2.7 billion euros creditors require of Greece puts a new hurdle in the bailout review talks, despite the fact there was significant convergence on Thursday. Greece's lenders have asked for the measures to be...

Tax and Security Reform Plans to be Filed in Parliament Next Week

The tax reform plan and the security reform plan will be filed in Parliament next week, said Finance Minister Euclid Tsakalotos, in a press conference with Finance Minister George Stathakis and Labor Minister Giogros Katrougalos. The goal is for both...

Greece's Creditors Team Leave for Brussels and Return to Athens on Saturday

The mission chiefs of Greece's creditors have left for Brussels and will return to Athens on Saturday to continue talks with the Greek side on the pending issues of the bailout program evaluation. On Saturday, the quartet of creditors will...

Greek Labor Minister Admits to Further Pension Cuts at Creditors' Request

Greece's Labor Minister Giorgos Katrougalos admitted on Thursday that the government may have to proceed with deep pension cuts as creditors request. Speaking to government friendly Sto Kokkino FM radio, the labor minister said that lenders would not accept a...

Greece Proposes Raising Top Rate Income Tax to 50%

Greece proposed to its creditors on Tuesday raising the top rate of personal income tax to 50 percent in order to avoid increases in social security contributions. The top rate of personal income tax now stands at 42 percent and...

Disagreements Surface at First Meeting Between Greek Government Officials and Creditors

Following the first meeting between Greek government officials and representatives from the country’s official lenders, Greek Minister of Labor Giorgios Katrougalos spoke of tough negotiations taking place, but went on to say that this was expected as there are...

Greek Labor Minister Claims to Empathize with Public Reaction to His Social Security Reform Plan

Greek Labor Minister Giorgos Katrougalos appeared sympathetic to public criticism of a social security reform proposal he recently authored. During an interview with Kathimerini newspaper on Sunday, the Labor Minister discussed the 170 page proposal he crafted. The plan includes unifying...