In the period in which Alogoskoufis served as the minister for Economy and Finance, he actuated a series of economic structural reforms and fiscal adjustment to contain budget deficits, which, although unpopular, have managed to slash Greece's budget deficit to 2.6% of the gross domestic product.
During 2004-2007, corporate and personal income taxes were reduced for rich people from 45% to 40% and increased for poor people from 12% to 29% and the tax system was simplified with the tax reform such as revoking inheritance taxes for rich people [REF].