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The reason is that officially a 3% surplus is still the target for this year. Which won't happen.

BTW the economy in February and early March is in sort of a rebound. Not only tax collection has recovered impressively (and expected to soar in March as the new tax installment plan is implemented, hopefully collecting arrears that were given up on, soon - the government is hoping for an extra 2 billion by this summer), but consumer confidence is soaring on expectations of an end to both austerity and the decline of incomes. According to Alpha Bank, The CCI jumped to levels not seen since October 2009. Exports and tourism are benefiting from the Euro's decline. This is obviously a metastable situation

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Mar 14th, 2015 at 09:12:23 PM EST
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I was not a fan of Tsipras selling tactical retreat as a great victory but has he actually managed to talk up a slight recovery? On the face of it the humanitarian measures announced don't sound nearly enough to push up consumer confidence. Still, if the situation is not deteriorating than plan B can probably wait a bit. They'll only get one shot at it.
by generic on Sat Mar 14th, 2015 at 10:03:49 PM EST
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In much the same way that a bubble will violently deflate once it stops inflating, an economy that has been operating under a tightening sanctions regime for five years will rebound once the sanctions stop getting worse.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Mar 15th, 2015 at 01:48:46 AM EST
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