New dramatic plunge into recession due to the hike and cuts

The Troika and the devotees of the policy "impose taxes continuously, cut incomes in the same way" do not seem to have realized the gravity of the situation in the Greek economy and, by extension, the Greek society.

The recipe that has been religiously followed since 2010 is not helping the country progress, but only brings about certain “happy” breaks like the one of the 3rd quarter in 2011, when the slowdown rose to 5.3% instead of 7.3% in the 2nd quarter, same year.

Reaching the 4th quarter, things got worse yet again. Apparently, Thomsen, Masuch and Morse are oblivious and they keep experimenting on Greece as if they were medical students at a morgue.

Consequently, the GDP shrank by 7% (!) in the last quarter of last year, a figure way above the Troika forecast, and without a light visible at the end of the tunnel. The new austerity measures are expected to worsen the existing situation and make everyday life even harder for the Greeks.

The only “lighter” colour in the picture has been the gains from the 3-month maturity bond auction, which earned Greece 1.3 billion euros. However, what good it did to the local economy is something the people do not care about, as their daily routine is still bad and will get even worse.