Thursday, September 01, 2011

Greek debt 'out of control'!

The report from France 24 is linked here, the following is the most harrowing portion:

"A significant debt increase, a high primary deficit and the deep recession have boosted to the extreme the debt dynamic, which is now out of control," the newly-formed State Budget Execution Monitoring Office, staffed by independent analysts, said in a report.

"These developments seem to offset to a great extent the positive impact" of the latest EU loan package of 159 billion euros ($230 billion) agreed last month, it added, according to excerpts published by the semi-state Athens News Agency.

Held down by cutbacks, the Greek economy is shrinking at an alarming rate, and Finance Minister Evangelos Venizelos last week said output will likely contract by more than 4.5 percent in 2011, up from a 3.5 percent forecast.

The report on the rejection by the Greek Finance Minister of the contents is here.



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