Read in full the highly informative article by Greek-Australian economist Yanis Varoufakis at his blog.
|Greek GDP has continuously collapsed in the last years|
Notable excerpt (depressing but highly informative data):
- There are 10 million Greeks living in Greece (and falling fast due to migration), ‘organised’ in around 2,8 million households that have a ‘relationship’ with the Tax Office. Of those 2,8 million households, 2,3 million have a debt to the Tax Office that they cannot service.
- 1 million households cannot pay their electricity bill in full, forcing the electricity company to ‘extend and pretend’, thus ensuring that 1 million homes live in fear of darkness at night while the electricity company is insolvent.
- Of the 3 million people constituting Greece’s labour force, 1,3 million [43%] are jobless.
- Of the 1,3 million jobless only 10% receive unemployment benefits. The rest must fend for themselves.
- Of those who work in the private sector 500 thousand have not been paid for more than three months.
- Contractors who work for the public sector are paid up to 24 months after they provided the service and pre-paid sales tax to the Tax Office.
- Half of the businesses still in operation throughout the country are seriously in arrears vis-à-vis their (compulsory) contributions to their employees’ pension and social security fund.
A failed state whose only objective possibility is to declare bankruptcy, socialize all the economy and begin anew.