Measures for implementing the support mechanism of the Greek economy by the member-states of the Eurozone and the IMF (Law 3845/2010) In return the government agreed to implement further measures. The Troika was led by Servaas Deroose, from the European Commission, and included also Poul Thomsen (IMF) and Klaus Masuch (ECB) as junior partners. Shortly after the European Commission, the IMF and ECB set up a tripartite committee (the Troika) to prepare an appropriate programme of economic policies underlying a massive loan. The IMF had said it was "prepared to move expeditiously on this request". Greece needed money before 19 May, or it would face a debt rollover of $11.3bn. On 23 April 2010, after realising the second austerity package failed to improve the country's economic position, the government requested that the EU/IMF bailout package be activated. The measures include: 30% cuts in Christmas, Easter and leave of absence bonuses, a further 12% cut in public bonuses, a 7% cut in the salaries of public and private employees, a rise of the value added tax from 4.5% to 5%, from 9% to 10% and from 19% to 21%, a rise of the petrol tax to 15%, a rise in the taxes on imported cars of up to 10%–30%, among others. On 5 March 2010, amid new fears of bankruptcy, the Greek parliament passed the "Economy Protection Bill", which was expected to save another €4.8 billion. The second austerity package was approved by the Hellenic Parliament in March 2010. Protection of the national economy - Emergency measures to tackle the fiscal crisis (Law 3833/2010) It included a freeze in the salaries of all government employees, a 10% cut in bonuses, as well as cuts in overtime workers, public employees and work-related travel. The package was implemented on 9 February 2010 and was expected to save €0.8 billion. It emerged after a promise by the Greek prime minister in the World Economic Forum of Davos, Switzerland to take measures to reduce the country's deficit. These measures preceded the First Economic Adjustment Programme for Greece known as "memorandum". The purpose was to reduce the budget deficit. It was approved by the Hellenic Parliament in early 2010. The first austerity package was the first in a row of countermeasures to counter the Greek government-debt crisis. Greek withdrawal from the eurozone is another alternative or institutional reform of the eurozone. Austerity was one of the policy measures available to governments to manage the economic downturn. This situation originated with the tenuous integration of the periphery countries of the European Union into the eurozone and was made worse by the global financial crisis of 2007. Greece is in the latter category, along with Portugal, Ireland and Spain, presenting the problem of sovereign default, sometimes also called a "sovereign debt crisis". Membership in the European Monetary Union (EMU) has posed problems for some social classes, like the working class in Germany, and also on a countrywide scale for some EU members.
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