After contracting in 2009 & 2010, Greece’s GDP fell another 7% in
Q2 2011. Unemployment is near 900,000 and projected to exceed 1.2
million, in a population of 11 million – that’s about 10.9%.
The
austerity program has failed to meet its own targets for budget
deficits : the target for 2011 was about 7% of GDP, but instead is
likely to hit 10%. The Debt/GDP ratio could reach 200% in 2013, up from
115% in 2009.
Measures proposed by the government are
not likely to succeed & probably will intensify the recession
instead – and spark stiff political opposition.
Greece must default & quit Euro : The real debate is how – Costas Lapavitsas, Guardian
Desperate bid to keep EU corpse alive - Mail online
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