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View Diary: Beware of Greeks bearing debt (141 comments)

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  •  Greece misrepresented it fiscal deficit this year (1+ / 0-)
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    but that deficit was predictive. Even the recent revision to 13.6% by Eurostat corrects the new government's revision to 12.9%, but that revision was made before the 4th quarter when the Greek economy fell off the map. I suspect that the Greek numbers predicting this year's deficit are also way low because they haven't taking into account high borrowing costs (the current accounting raised borrowing costs from 3.5% to 4.5%) nor the continuing deterioration of the economy.

    The point is, the final Eurostat numbers for past Greek annual budgets and total debt to GDP were actual and real and not misrepresentative. Thse statistics were issued yearly. No one has been surprised by the Greek budget deficit, unless they didn't know anything about the Greek fiscal situation. It was all readily available in Eurostat publications. I read this in the Eurostat report on Greek statistics dated January 8, 2010.

    There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

    by upstate NY on Tue Apr 27, 2010 at 03:02:04 PM PDT

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