Jump to content
Sign in to follow this  
w¡n9Nµ7 §£@¥€r

Eurozone: A terrible situation just got worse

3 posts in this topic

Recommended Posts

Filed: Timeline

(Reuters) - Greece and Ireland had much larger budget deficits last year than expected and the Greek data may be revised further due to its unreliability, the European Union's statistics office said, sending the euro lower.

"It looks like a terrible situation just got worse," said Nick Kounis, economist at Fortis.

Greece ... had a gap of 13.6 percent of gross domestic product, rather than 12.7 percent as reported earlier, Eurostat said.

But the deficit may turn out to be even higher.

"Eurostat is expressing a reservation on the quality of the data reported by Greece, due to uncertainties on the surplus of social security funds for 2009, on the classification of some public entities and on the recording of off-market swaps," Eurostat said in a note attached to the data.


"What concerns me is the general uncertainty about the Greek official figures. This affects market perception about Greece ... that one can't rely on the Greek statistics and that the deficit is revised up and up and up," said Giada Giani, economist at Citigroup.


Ireland had its budget deficit revised even more -- to 14.3 percent from the initially reported 11.7 percent.


The overall budget deficit in the 16 countries using the euro rose to 6.3 percent in 2009 from 2 percent in 2008 and debt surged to 78.7 percent of GDP from 69.4 percent.

In the whole 27-nation European Union, the aggregated budget deficit was 6.8 percent against 2.3 percent in 2008 and debt rose to 73.6 percent from 61.6 percent.


Man is made by his belief. As he believes, so he is.

Share this post

Link to post
Share on other sites

Greece's largest problem is that up until a few years ago, they had basically collected no income tax. Actually, come to think of it, you want to talk about the consequences of a society with zero government libertarianism in action, there you go. Pretty much anything goes in Greece.

"I believe in the power of the free market, but a free market was never meant to

be a free license to take whatever you can get, however you can get it." President Obama

Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  
- Back to Top -

Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
  • Create New...