Greece's Bold Tax Reforms: Boosting Incomes Amid Crisis

Greek Prime Minister Kyriakos Mitsotakis unveiled ambitious tax reforms on Saturday, designed to alleviate financial pressures on families with children. The 1.6 billion euro initiative, a centerpiece of his recent economic policy speech, aims to counteract declining public approval caused by ongoing cost of living and corruption issues.

Mitsotakis emphasized the importance of supporting household incomes, especially after economic struggles marked by a decade-long debt crisis. The plan, set to take effect in 2026, will leverage the country's economic growth and budget surplus to implement tax cuts across various income brackets and introduce exemptions for low-income families with multiple children.

Despite economic recovery, Greece remains Europe's most indebted country, with disposable incomes still lagging behind the EU average. Amid this backdrop, Mitsotakis' New Democracy party faces decreasing support, leading to protests demanding fair wages and transparency concerning a tragic train crash investigation that has added to public discontent.

(With inputs from agencies.)