Greece has “scratched off” seven years

With the policies that have been followed the past 2.5 years, Greece has gone back 7 years. It is a shocking element, resulting from the data processed by the Hellenic Statistical Authority (EL.STAT.) and accompanied by the assumption that the income of employees fell by 15%.

According to EL.STAT., our GDP dropped by 6.2% during the first quarter of this year at constant 2005 prices, as compared to the first quarter of 2011.

It is significant that the GDP in the first quarter this year, in 2005 prices, was at 40.7 billion euros, while in 2005 it stood at 44.7 billion euros.

In absolute numbers, the loss of national income from 2008 through 2012, based on forecasts that have been made for Greece, amounts to 28.3 billion euros, with the GDP expected to reach 204.6 billion this year, from 232.9 billion at the end of 2008, and with the income of employees reduced by about 15%.

Certainly these estimates suggest that the European Commission forecasts for a 4.7% decline for the current year may be optimistic.