An already weary Greek population is expecting more bad news next week with indirect taxes again likely to climb and more draconian cut backs with the aim of filling a €4.5 billion budget shortfall.
As the Greek tragedy unfolds into its next chapter–post the cheering of being ahead of targets a short few months ago–the ruling socialist government could again be shooting itself in the foot on the advice of the International Monetary Fund and the European Union.
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Hopefully the government’s economic policy team, and the IMF-EU lenders, have learned the lesson that taxing folks into the Stone Age only leaves scorched earth and does not solve deficits and national debt piles.
Heading for endless doses of austerity medicine will prove poisonous.
http://blogs.wsj.com/source/2010/11/12/even-more-austerity-in-greece-will-backfire/?KEYWORDS=greece
...
Hopefully the government’s economic policy team, and the IMF-EU lenders, have learned the lesson that taxing folks into the Stone Age only leaves scorched earth and does not solve deficits and national debt piles.
Heading for endless doses of austerity medicine will prove poisonous.
http://blogs.wsj.com/source/2010/11/12/even-more-austerity-in-greece-will-backfire/?KEYWORDS=greece