The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
Here's Eurostat: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction
Click on the following:
Greece was at 39.5% for 2010, and hovered around 40% for the last decade.
Are you seriously judging how people are handling their money during a total economic meltdown when capital has fled the country? Seriously? It's very hard to believe.
Greece right now has a primary surplus for the gov't budget. the interest on debt is well above 10% GDP. Are you saying that the Greeks should pay an amount well over and above that primary surplus in order to pay the bankers?
As I said, they collect enough in tax revenue now for gov't expenditures. They don't collect enough for debt--and they never will. It is impossible.
If Eurostat says one thing and the OECD/IMF/World Bank says another thing, then Eurostat is more likely to be right.
Friends come and go. Enemies accumulate.
What ever works but yes things are going to change now.
2 years ago, the Greeks were at 115% debt to GDP, but they were overspending by $30 billion. A quick adjustment of the budget deficit down to 5% (or $20 billion) would have turned them around in one fell swoop and those could have coupled with 5% cuts as in Portugal. Instead, they have cut by 19% or $56 billion and are now looking at 2% more cut in GDP (an additional $6 billion). And the bailout money paid out so far is around $80 billion. Do the math, it doesn't add up.
And now you know precisely why the troika wants an escrow account to funnel money directly to the banks in Greece's name. Greeks won't own that debt that's in an escrow account. Essentially, the troika has underscored to the Greek people that this money is not for Greece, but for the banks. The natural reply of the citizens is: "in that case...."
by gmoke - Mar 26
by marco - Mar 26 23 comments
by DoDo - Mar 19 18 comments
by DoDo - Mar 7 22 comments
by DoDo - Mar 12 34 comments
by DoDo - Mar 14 7 comments
by Upstate NY - Mar 15 294 comments
by Frank Schnittger - Mar 14 24 comments
by gmoke - Mar 26
by marco - Mar 2623 comments
by DoDo - Mar 1918 comments
by Upstate NY - Mar 15294 comments
by Frank Schnittger - Mar 1424 comments
by DoDo - Mar 147 comments
by alexc - Mar 126 comments
by DoDo - Mar 1234 comments
by paul spencer - Mar 114 comments
by gmoke - Mar 7
by DoDo - Mar 722 comments
by talos - Feb 23171 comments