The Economic Policy Mix Applied Under The Leadership of Alogoskoufis
In the period in which Alogoskoufis served as the minister for Economy and Finance, he actuated a series of economic structural reforms and fiscal adjustment to contain budget deficits, which, although unpopular, have managed to slash Greece's budget deficit to 2.6% of the gross domestic product. In the same period of time, Greece's gross domestic product has grown with a 4%, maintaining one of the highest growth rates in the Eurozone. Although unemployment had fallen from 11% to 9% in the period between 2004 and 2007, just changing the way of measuring it, it remains one of the highest in Europe.
During 2004–2007, corporate and personal income taxes were reduced for rich people from 45% to 40% and increased for poor people from 12% to 29% and the tax system was simplified with the tax reform such as revoking inheritance taxes for rich people. He worked extensively with the private sector and sold over euro 6 billion of government holdings.
Read more about this topic: George Alogoskoufis
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