Financial Stability News

Flashing news about financial stability and central banking

Dramatic drop in Greek budget revenues

This recent report shows that the Greek economy is imploding:

Revenues posted a 7 percent decline compared with January 2011, while the target that had been set in the budget provided for an 8.9 percent annual increase.

Worse still, value-added tax receipts posted an 18.7 percent decrease last month from January 2011 as the economy continues to tread the path of recession: VAT receipts only amounted to 1.85 billion euros in January compared to 2.29 billion in the same month last year.

And while the economy collapses, the Troika wants Greece to cut another 150,000 people, and to cut minimum wage even more. Where will this end?

 

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