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An unspecified larger amount (of around 110 billion euros in total) will follow an initial 12 billion euro emergency loan with strings. They include:
-- laying off another 20% of public workers;
-- privatizing public enterprises and assets on the cheap;
-- a one-time personal income levy from 1 - 5%, depending on income;
-- lowering the tax-free income threshold to 8,000 euros annually from 12,000;
-- setting the lowest tax rate at 10%, with exemptions for people up to age 30, over-65 pensioners, and disabled people; and
-- annually taxing the self-employed an additional 300 euros.
Up to $120 billion in cuts are expected though final figures haven't been announced, depending on amounts raised from asset sales and private contributions.
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