Austerity package will see Greeks facing major upheaval to way of life

GREEK citizens are not just facing working longer for less pay over the next few years, but a complete upheaval to their way of life.

The austerity package they signed off on in Brussels last night is an effort to reduce years of over-spending and a huge black economy that accounts for at least a quarter of their wealth.

As well as trying to reform the whole taxation system that at present sees tax inspectors taking back-handers for reducing the state’s share, they will have big increases in VAT, excise duty, green taxes and health taxes, such as on alcohol and tobacco.