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Greek State Revenues Down at -7% in October
Posted by keeptalkinggreece in Economy
OMG! With all the political turmoil, we almost forgot our economic misery! State revenues recorded a -7% minus in October. The Finance Ministry seems to blame the strikes. Greeks blame the harsh austerity and their income cuts at -40%. And BTW: Athens Stock Exchange is -2.22% ahead the confidence vote.
The Greek Treasury has received a heavy blow in October, as strikes and economic contraction nearly froze the tax revenue system. FinMin sources said that net revenues amounted to €4.2 billion, decreased by 7% compared with the corresponding last year.
During the period January-October 2011, the Greece state raised a total amount of €39.17 billion, 4.4% lower than the corresponding period of 2010. Thus, the gap in state budget stands at €2.4 billion.
Minimum amounts were collected through the solidarity levy, trade tax and luxury tax, as the payment notices were sent just a few days ago, due to protests by workers in the General Secretariat for Information Systems.
But FinMin sources are optimistic that revenues in November would demonstrate an improvement as two tranches of the emergency levy are expected. (source: Capital.gr)
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