Sunday, March 2, 2014

Report on the horrible reality of Greece

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. 

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