Go to http://reut.rs/1HuImgF
With a strong pro statist established system, non-competitive economy and high level of non productive costs, it is not much of a surprise that Greece projects such large national deficits!!!!!!The government must get out of the “talking” mode and begin to take actions to restructure the economy and quickly.
The additional debt for covering the projected deficits will increase further the national debt and economically “enslave” Greece for a lot nore years!!! Positive, real actions needed now, Greece does not need ideologies at this dire economic times.
I’ll be glad to suggest solutions based on my experience if Mr..Tsipras would like to listen but not ideologies. I have dealt with reality for a very long time under many adverse cnditions and learned that ideologies are good for an evening’s conversation and that’s all.
By Barry Eichengreen, Peter Allen & Gary Evans
in ekathimerini.gr Greece, July 27, 20156
Greece’s debt is unsustainable. The International Monetary Fund has said so, and it’s hard to find anyone who disagrees. The Greek government sees structural reform without debt reduction as politically and economically toxic. The main governing party, SYRIZA, has made debt reduction a central plank of its electoral platform and will find it hard to hold on to power — much less implement painful structural measures — absent this achievement.
Moreover, tax increases and spending cuts by themselves will only deepen the Greek slump. Other measures are needed to attract the investment required to jump-start growth. Reducing the debt and its implicit claim on future incomes is an obvious first step.