FACTBOX-Austerity measures around the euro zone

Dec 23 (Reuters) - Thousands took to the streets of Athens to protest against a 2011 Greek budget which imposes yet more austerity on the debt-ridden nation, but parliament passed the bill anyway on Thursday.

Here are details of some austerity measures around the euro zone.

* GREECE:

-- In 2010, the government cut public sector wages by about 15 percent, increased the retirement age, froze pensions and cut public spending. But it has failed to boost tax collection as much as targeted, despite a hefty VAT increase.

-- Partly as a result of the measures, the economy is forecast to shrink 3 percent in 2011 after a 4.2 percent drop in 2010, with unemployment swelling to a record 14.6 percent from an estimated 12.1 percent this year.

-- Some measures listed in the final draft plan from Nov. 18 included: Increase in the lower VAT rates to 13 percent from 11 percent and to 6.5 percent from 5.5 percent, along with a levy on large profitable firms. Cuts in government operating costs and a nominal pension freeze. Significant cuts in operational and wage costs of loss-making public utilities, in health costs, defence spending. The health ministry has said it plans extra spending cuts worth 840 million euros ($1.10 billion) in 2011. -- Greece is aiming for a budget deficit of 7.4 percent of GDP in 2011, down from about 9.4 percent in 2010. For more details on Greece's 2011 budget, click on [ID:nLDE6BL1HR].

* IRELAND:

-- Ireland's finance minister unveiled a record austerity budget on Dec. 7, inflicting more pain on voters in a bid to impress the IMF and EU and ensure quick access to their rescue funds. For details on the budget please click on [ID:nLDE6B61RZ]

-- Finance Minister Brian Lenihan will squeeze 6 billion euros out of the economy in 2011 by cutting spending by 4 billion euros and making up the other 2 billion euros in tax adjustments. -- Ireland's recession-weary population has already endured two and a half years of cuts and the prospect of four more years of sacrifice, launched with the toughest budget on record, has many people wondering how they will cope.

-- Ireland set out last month its four-year plan to make 15 billion euros in savings to bring down its record deficit, a condition for the country to receive 85 billion euros in loans from the IMF and European Union. The EU approved the rescue on Nov. 28.

-- The four-year plan is made up of 10 billion euros in spending reductions and 5 billion euros in tax and revenue-raising measures.

-- The budget deficit is set to blow out to 32 percent of GDP in 2010 due to the one-off inclusion of a mammoth bill for bailing out Ireland's banks. Excluding the bank bill, the deficit will be 11.7 percent of GDP in 2010 as against a target of 11.6 percent. The deficit is to be reduced to 9.1 percent of GDP in 2011, 7.0 percent in 2012, 5.5 percent in 2013 and 2.8 percent by 2014.

* FRANCE:

-- France's Constitutional Council approved President Nicolas Sarkozy's pension bill on Nov. 9, clearing the last hurdle to a reform that will raise the retirement age by two years to stem a huge pension deficit.

-- The law will boost the retirement age to 62 from 60 by 2018, making people work longer for a full pension, and will raise public sector contributions to private sector levels. The reform will also hike the eligible age to receive a full pension to 67 from 65.

-- The budget aims to cut the public deficit to 6 percent of gross domestic product in 2011 from an estimated 7.7 percent in 2010, in the first phase of a plan to trim the shortfall to the EU's 3 percent ceiling in 2013, and 2 percent in 2014.

The budget envisages:

-- Increasing the top marginal rate of tax to 41 percent from 40 percent to fund pension reforms.

-- Raising the tax on capital gains by one percentage point.

-- The end of a one-off corporate tax break in 2010 will increase revenues by 5.3 billion euros.

-- The end of fiscal stimulus measures will cut 8.2 billion euros from the deficit.

* PORTUGAL:

-- Portugal approved an austerity budget on Nov. 26, vowing to spur growth and apply tough spending cuts.

-- Portugal has promised to cut 2010's budget deficit to 7.3 percent of gross domestic product from 9.3 percent last year and further reduce it to 4.6 percent in 2011.

Here are some of the measures:

-- Cuts of 5 percent in civil servant wages and increases in taxes in an effort to save 5.1 billion euros next year.

-- On the revenue side, the measures would add 1.7 billion euros to state coffers, or one percentage point of gross domestic product. They include:

-- Value-added tax to be raised by 2 percentage points for top level to 23 percent from 21 percent, expanding on a 1 percentage point increase on all levels implemented in July.

* SPAIN:

-- Spain's parliament formally approved the government budget for 2011 on Dec. 21. It is designed to cut the deficit by more than three percentage points and convince debt markets its public finances are sustainable.

-- Measures included public spending, excluding autonomous regions, to be cut by 7.9 percent to 122 billion euros in 2011.

-- The income tax rate on those earning more than 120,000 euros rises to 22.5 percent from 21.5 percent. Government hopes to raise 170-200 million euros from tax hike on high earners.

-- Forecasts additional 1.2 billion euros in savings from regional and local governments.

* ITALY:

-- The Italian Senate on Dec. 7 gave final parliamentary approval to the government's 2011 budget plan, considered vital to consolidating public accounts and buffering Italy from the euro zone's debt crisis.

-- The budget, containing belt-tightening measures worth some 25 billion euros over three years, aims to cut the fiscal deficit to 2.7 percent of gross domestic product in 2012 from 5.3 percent in 2009. The deficit is targeted to fall to 3.9 percent in 2011 from a targeted 5.0 percent in 2010.

Measures include:

-- Delaying retirement dates by three to six months, a state salary freeze and pay cuts for high public sector earners.

-- Regional and local governments will be pressed to contribute some 13 billion euros of spending cuts in 2011-12.

-- There will be a 10 percent cut per year in 2011 and 2012 in spending by all government ministries.

* GERMANY:

-- Chancellor Angela Merkel said her government aims to save around 80 billion euros between 2011 and 2014 and get the budget deficit below European Union limits by 2013. The cabinet backed a bill covering the bulk of the 80 billion euro programme over the next four years on Sept. 1.

-- Germany's Bundestag (lower house of parliament) agreed on Nov. 26 a 2011 federal budget plan that puts Berlin on track to hit deficit reduction targets after a faster-than-expected recovery. The budget set federal spending at 319.5 billion euros, 4.3 percent less than 2010, and net new borrowing at 48.4 billion euros, lower than originally forecast. (Writing by David Cutler, London Editorial Reference Unit;)