The tax and pension reform bill that was passed in Parliament on Sunday will have a negative impact on the economy, argued the president of the National Confederation of Hellenic Commerce (ESEE) Vasilis Korkidis.

Mr. Korkidis argued that while the focus has been on the pension reform, the tax reforms included in the controversial bill will have a major effect on trade, as businesses will have to pay over 65% of their revenue in taxes and insurance contributions.

Although passing the bill may have bought the government some time, Mr. Korkidis estimated that businesses will be unable to meet their obligations, while it is uncertain whether further measures will be needed to complete the critical bailout review. Mr. Korkidis concluded that political mistakes cannot be rectified with financial mistakes and underlined that he will continue to fight against the measures.