The latest data shows continued deterioration in Greek tax revenue, income taxes collected...


The latest data shows continued deterioration in Greek tax revenue, income taxes collected through November coming in 9.3% less than last year, suggesting the budget deficit will balloon above 10% of GDP. The Finance Ministry has alerted all state organs not to spend a euro above their budgets and that they should not take for granted even budgeted funds will show up in their bank accounts.
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Comments (17)
  • wyostocks
    , contributor
    Comments (9104) | Send Message
     
    Coming soon to a state near YOU.
    Watch for the coming attractions.
    29 Dec 2011, 03:20 PM Reply Like
  • lone2boy
    , contributor
    Comments (27) | Send Message
     
    What other result would you expect? Simple Math
    29 Dec 2011, 03:31 PM Reply Like
  • Jackson999
    , contributor
    Comments (471) | Send Message
     
    Under the table economy...
    29 Dec 2011, 03:41 PM Reply Like
  • balois
    , contributor
    Comments (167) | Send Message
     
    ...up to 40 % of economic activity and even higher, by some estimates. So any GDP stats and numbers derived from this figure are totally meaningless. But the Eurocrats steadfastly hang on to 'the only numbers they have' - even if it is utter nonsense. Some kind of biz media economists desperation - unable to function without figures even if they are bogus.
    Let the Greeks drop to half their official GDP and witness that, by and large, they ll survive ok.
    Have we heard of Greek housing foreclosures? The Orthodox church, the Popes, the richest people in the land, paying taxes? The Greek shipowners, the second richest people, being taxed worldwide, similar to the US? The politicians, the union fat cats being taken to the cleaners for their absurd benefits?
    Introduce the Drachma as second currency for all domestic cash transactions, keeping the Euro for non cash payments, foreign trade, tourism, debt and business transactions. Not the first time split currencies, at different rates of exchange, are in force in the same country.
    May I add, with all due modesty, that I ve suggested it here http://seekingalpha.co... long before a WSJ Blog came to a similar idea http://on.wsj.com/ssLMYE

     

    29 Dec 2011, 08:41 PM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
     
    yes...go black market....lol...but they will still give them money....and that is even worse..
    29 Dec 2011, 03:53 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    I suspect Greece is heading closer to a willful default on their debt. Look for elections there in late February / early March to lead to a move in that direction. Iceland set the example in this.
    29 Dec 2011, 04:18 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3267) | Send Message
     
    Wasn't end of April 2012 the latest announced date of the elections? Correct me if I am wrong.
    29 Dec 2011, 05:44 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    I might have missed a further change. Originally was mid February and I saw an announcement for a move to early March. It would not surprise me to see another move to April. I wonder how bad a shape Greece will be in as they push elections out further.
    29 Dec 2011, 06:07 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9904) | Send Message
     
    Yes, full or near full default is by far the best option for Greece. Including amounts owed to IMF and ECB, not just private bondholders.
    29 Dec 2011, 09:20 PM Reply Like
  • tom Andersen
    , contributor
    Comments (214) | Send Message
     
    Q: Who would loan money to Greece?

     

    A: Bankers using OPM. (Other Peoples Money)

     

    More bankers will learn that you can't always cry to the mothership for help. Live with your decisions. Greece will be fine if it defaults 100%, then runs the country on cash in - cash out. Governments are now too stupid to borrow money.
    29 Dec 2011, 06:42 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (12656) | Send Message
     
    Greece needs to cut its State employee payouts. Currently 1/3 of all people survive off of the State payroll. That in itself is unsustainable for obvious reasons. Germany or others con not and should not try to sustain such an obvious imbalance.
    29 Dec 2011, 09:01 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Not to disagree with the idea, but where do the newly unemployed go to? Perhaps the rest of Europe? Greece needs to move faster on privatization, but their unions oppose efforts in order to maintain worker numbers and pay levels. At some point this all goes pop, but I don't think it is as simple as mass firing, because there will still be another problem to tackle. Cut spending is a great start, but how they address sudden massive unemployment, especially with the way Greeks protest and riot, could lead Greece into another revolution, and the Greek Army could become the government once again. This is why I think Greece will default, because it is an easier (for them) and less painful choice, and they might come out of it sooner.
    29 Dec 2011, 11:19 PM Reply Like
  • pokalolo
    , contributor
    Comments (597) | Send Message
     
    We all know Greece is gone and Merkal has said it clearly and language was changed so the Greeks can just go.

     

    The real issue is the moron from the real bankrupt country ! France and their worthless banks. In 2012 when Sarkosy losses his election the fragile agreement between Germany an France ends an all hell breaks loose. Maybe Germany goes on it's own and mayhem is very likely. And, don't think for a moment the pond will save you.

     

    Just remember that our great big US banks are hiding there trillions of CDS exposure off balance sheets in the OTC exchange an if PIIG banks go French banks that are already gone will see runs an boom. Even the Fed couldn't save the MS BAC an the rest an you'll see the Fed's brokers like MF Global are all leverages 50 to 1 ~ pok
    30 Dec 2011, 04:32 AM Reply Like
  • UFO1
    , contributor
    Comments (4) | Send Message
     
    Here we go again !!
    SOS
    Where is Superman when we need him !
    30 Dec 2011, 06:45 AM Reply Like
  • dividend_growth
    , contributor
    Comments (2895) | Send Message
     
    Jan 9, the day the Franco-German Axis pulls the life support off the Greeks.
    30 Dec 2011, 10:38 AM Reply Like
  • marpy
    , contributor
    Comments (1514) | Send Message
     
    When the Greeks stop shooting themselves in the foot then things will improve. As long as they keep protesting, striking, chasing tourists away and cheating on their taxes then it will only get worse. The rest of the world has lost patience with their antics a long time ago and it is now time for them to cut the pu-pu and get to work.
    30 Dec 2011, 10:49 AM Reply Like
  • pokalolo
    , contributor
    Comments (597) | Send Message
     
    marpy, the Greeks started this whole democracy thing and they seem to be the prototype. The US seems to be heading the same way and EU is almost there. Italians are the richest in the EU an they just don't pay taxes ..........

     

    Elect me king and i'll fix it all ! Happy New Year
    30 Dec 2011, 11:08 AM Reply Like
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