A bomb in the Greek Statistics – Debt to be revised Upward!

Posted by in Economy

Is this a bomb that exploded in the middle of our holy “Greek Budget 2011″?  Do I the sound of  financial Sirens calling “Up!Up”? Do I see Greeks holding their breath?

Greek and international media report that Greece’s budget deficit  will be revised higher for the years 2006-2009. It looks as if  the EU statistics office-EUROSTAT  became aware of  “some uncertainty” in some areas.  So Amadeu Altafaj,  spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, who on his part “instructed Eurostat to reinforce its resources on the ground for the urgent task of clarifying the Greek national accounts”.

That means our government debt is higher than we thought. How much? Greek media report of a revision from 0,5% to 1,5 % of the gross domestic product, other speak of concrete numbers: 4,000,000,000 euro. To tell you the truth I’m not sure at all then you read and hear different numbers in different media. We will know for sure by October 22, when the Eurostat will publish the revision. I also read, we might even outdistance our brothers in debt-pain, the Irish.

Greek government tries to calm us down and reassures that the new-new Greek Statistics will not make neccessary new-new austerity measures. “We have a pillow” said a government official in a meaningful statement. We certainly all need a pillow to sleep and forget the even harder new-new times coming ahead.  So far a new-new tax load is threatening us, whether we have money to pay or not.

And you won’t believe it! My friends and I are fed up with the arguments between the governing party PASOK and the main opposition Nea Dimokratia.