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October 17, 2011 7:08 pm

Financial pain in Europe

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Research by the Financial Times shows that planned tax increases and spending cuts for 2011 are equivalent to about 14 per cent of average Greek take-home income – or €5,600 for every household. The impact is double that brought about by austerity measures in the other two eurozone countries subject to international bail-out programmes, Portugal and Ireland, and almost three times that of Spain.

By assessing the value of austerity packages against average household take-home income, the figures give an insight into the pain being experienced by Greek families relative to their EU neighbours.

Data notes

Total household take-home income is gross disposable household income (all income, minus direct taxation and social insurance payments) as stated in the national accounts for 2010.
Figure for Greece is 2009 as 2010 not available.
Ireland 2009 austerity package is measured against 2009 income. Household counts are the latest estimates by Eurostat (2010) GDP and population figures are IMF estimates for 2011.
Portugal’s numbers do not include revisions announced on Monday

Sources for austerity packages is the relevant national finance ministry

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