Inquiring minds are noticing the trend of economic statistics seem to invariably worse than originally stated. Today’s example is Greece who’s deficit looks to be much worse than originally thought:
Six months after Athens received €110bn (£93bn) in emergency loans from EU nations and the International Monetary Fund to prop up its near-bankrupt economy, Eurostat revealed that Greece’s budget deficit reached 15.4% of GDP last year, substantially higher than its previous estimate of 13.6%.
In April, Eurostat had estimated the debt-to-GDP ratio would reach 115.1%. The revised data meant that Greece’s debt ratio has eclipsed those of every other EU state, officials said. By the end of 2009, its debt is projected to account for 126.8% of GDP.
Why? Greece’s bookkeeping was blamed for the budget black holes.
So once again, it isn’t really anybody’s fault. It was just like…WOW! What happened?!?!
People still just don’t get that it is the lack of taking responsibility which is the most damaging issue facing western culture.
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