American investors are keeping an eye on Greece and their effort to secure their bailout cash. Just a few hours ago, the country wrapped up talks with European Union and International Monetary Fund officials at an summit in Brussels. The focus: Greece's five-year austerity plan as the country works to avoid default.
On Wednesday, Parliament is set to vote on new measures, which include lowering minimum threshold for income tax to just over $11000 a year and a onetime tax between 1 to 5 percent depending on your income. Greece also agrees to impose a minimum tax on the self-employed.
But it's these austerity measures prompted this : protests on the street of Athens. They have been going on for several weeks outside parilament, and next week, the unions say they are going to hold a 48 hour strike.
This time a year ago, when Greece negotiated its first bailout package, we came to this furniture repair shop to find out how the austerity measures affect them. A year later, we're gonna find out what's happened in the meantime.
The boss has had to fire an employee since we last met. The other three work a reduced three-day week. Business is down 80% as demand has fallen away. The country is struggling under the weight of massive debt.
Then there are new taxes, which make everything more expensive.
It's the same story in many of the family-run business, so typical of the Greek private sector.
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