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Greeks have laid out the path for probable reforms and discussions in the coming Euro zone finance ministers' meeting may follow and get to the specifics along the laid out proposals.
Reform 1 - Appointing a fiscal council
- The purpose of the council is to keep track and control the government's fiscal expenditure.
- The institution can also plan out and put levels over the expenditure on individual sections and govt. entities.
- Details of the power and reach of the council could be discussed over the meetings. Independence and veto powers are essential for success of the council. This if implemented and run would be a step towards fiscal integration in Euro zone.
Reform 2 - Improvements over budget
- Proper reforms under the segment can streamline the expenditure.
- Move the overall budget towards growth oriented policies
- Lot many discussion will be there over this.
Reform 3 - Fight over VAT evasion
- Proposing of hiring casual onlookers or non-professional inspectors like students, tourists to fight the evasion.
- Despite some have laughed at the proposal, it contains innovative ideas which with proper incentive structure and follow through might work as well.
Reform 4 - Recovering Tax
- € 76 billion is pending according to officials which are vast if recovered.
- Discussion would include the possibilities and fact check over the numbers.
Reform 5 - Taxing online gaming
- Officials believe revenue potential is high by licensing and taxing the online games.
- Feasibility and size would be the hot discussion.
Reform 6 - Reduction of bureaucracy
- Simplifying processes and use of central data depository could benefit over longer term but might not bring immediate cash
Reform 7 - Humanitarian help
- This reform is a fiscal stimulus to help the general public to avoid the pain of poverty.
- € 137.7 million towards food allowance for 300,000 households for 9 months in 2015.
- € 22.1 million towards reconnection of electricity.
- € 40.5 million towards rent allowance to households.
- If granted, this could reduce citizen's anger and frustration somewhat.
