Out of the 7.9 billion euros in fiscal measures that the government proposed to the country’s creditors on Monday, the lion’s share, or 7.3 billion euros, concerns increases in taxation and in social security contributions. This rate of 93 percent of the fiscal adjustment proposed constitutes the weakest point of the Greek plan submitted, as according to the creditors the tax increases will lead to further economic contraction, which in turn will entail more measures.
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