Greek debt higher than expected, EU audit reveals



EUobserver said:
Greece has incurred a much larger budget deficit and levels of public debt than the country had earlier estimated, EU audit figures revealed on Monday (15 November) morning, in an adjustment that could kick off another round of sell-offs not just in the Greek bond market but in those of other creaking eurozone peripheral states.

The republic's budget deficit for 2009 amounted to 15.4 percent of gross domestic product, according to numbers from Eurostat, the EU's audit office, sharply up on its earlier estimate of 13.6 percent, as government cuts and increased taxes fail to deliver growth.
EUobserver / Greek debt higher than expected, EU audit reveals

Lessons for Ireland perhaps? Cuts and tax increases failing to deliver growth.



Definitely - the EU actually undertake audits to root out the bullsh1t they've been given. Be afraid, FF, be very afraid

...and imposing cuts and tax increases, making the situation worse?

Now I know that cuts are necessary but I posted the thread to highlight that, at the moment, the bailout of Greece does not seem to be working.

Thomas Molloy has an opinion piece in the Indo today that touches on Latvija. Makes for a good read regarding what we should expect were "we" to go cap-in-hand to the IMF.

Thomas Molloy: What we face if the IMF takes over the country - Analysis, Opinion -

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