There is certainly something wrong with the bailout and strict austerity program imposed by the creditors on Greece, so far. Government spending has been constantly decreasing but the debt/GDP ratio remains high. In fact it is higher than before the bailout in 2010…
“Latest Greek data show government spending -21% since 2011, nominal GDP -14%, debt/GDP 177%. Maybe austerity isn’t working?” asks Jamie Mc Geever from Reuters.
source: Jamie Mc Geever, Chief Markets Correspondent, Europe for Reuters
PS something wrong with austerity program? I don’t believe it!!!