Search SEARCH

Why is Greece's national Debt projected to INCREASE even after Austerity measures?

Check this out: http://www.nytimes.com/2011/05/12/world/europe/12greece.html?ref=world >> Greece’s economy has shrunk far more than experts originally expected last year, when the government needed a $140 billion rescue package to avoid bankruptcy. It shrank 4.5 percent last year, and is likely to contract by an additional 3 percent, according to Greece’s Central Bank. The national debt — now at about 140 percent of G.D.P. — is forecast to hit nearly 160 percent by 2012. << I thought the whole point of austerity was to dramatically reduce the debt burden. Why would it go up instead?

Asked By: - 5/12/2011
Best Answer - Chosen by Asker
First of all, the money that was given to Greece hes disappeared... Now the austerity measures are meant to make some money but really they destroy what was left from the Greek economy. You should know that extremely few big companies exist in Greece and therefore all the economy is based on small family businesses... More
Answered By: Leonidas - 5/12/2011
Additional Answers (5)
Greeks refuse to pay taxes, they refuse to declare income, the country is corrupt ... and if they continue this way, there is going to be a serious problem.
Answered By: Orla C - 5/12/2011
 
Fully agree with Orla C. Truer words have never been spoken. /// Edit: Just T/U young Vaz. She has an arguable point. Paradigm: Back in 1960, the German Government paid Greece 115m D-Marks in War Reparations. Over 100m went into the 'right pockets', and, the bereaved Greek Families ended up with alms.
Source(s):
Answered By: Richard Plantagenet - 5/12/2011
 
Οrla is not Greeks that refuse to pay taxes or declare income. You are wrong... More
Answered By: Vasiliki ♥ is in love ♥ - 5/12/2011
 
It's simple.The budget deficit decreased from 15% to 10%,but the GDP decreased too,the economy is "frozen".If it doesn't change,we can't get out of this vicious circle.
Answered By: Mesenor - 5/12/2011
 
This is because Mr Papandreou doesn't understand that when you increase taxes you also automatically reduce consumption, hence shops, restaurants and factories close down... More
Answered By: «Læge» - 5/13/2011
 
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Jobs.Quick-com
Click. Search. Apply. Free!
www.JobDiagnosis.com
Jobs hiring near your local area. Part-time, Full-time, Work at home.
www.HiringLocally.com
Get Your Degree Online Sooner than You Think. Financial Aid Options
Degree-Accredited.com/Degree

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-302
eTrustLogo