- "The deficit is certainly at least one percentage point higher than the target"
- The economy is currently contracting at a 4.5-5% rate versus a 3.9% target
- "Previous measures which were in the baseline plan yield less than expected, in particular tax measures"
Thursday, September 1, 2011
Greece's Austerity Plan is Already Failing
Well, that didn't take long (around two months). Apparently Greece's tax increase heavy austerity plan is already failing miserably, putting additional aid at risk. According to officials who spoke to Reuters, the main problems are: