Not even these measures are enough!

The IMF forecast is anything but hopeful for Greece’s financial future, actually suggesting that even the measures whereby we are now groveling and asking for some kind of refuge will not make amends for past governmental mistakes nor will they help the present bleak state of the country’s public deficit.

Taking the above mentioned facts into account, after a common decision, the Greek leadership and the Troika have decided to review the basis of the mid-term programme until the year 2014, which was ratified and voted for in parliament two months ago.

According to published IMF data, the 2012 recession will reach 2.2% while the previous report by the Fund spoke of a Greek GDP increase of 0.6%. As things are unfolding now, however, 2012 will kick off with a 2.8% handicap, equaling a 5.5-6-billion-euro deficit in the local economy.

Based on the latest developments, it is believed that although there is broad speculation about further and worse measures, they might not be implemented in the end, as the government will try putting more weight on fighting tax evasion.

Translated by Lida Filippakis