Wednesday, October 31, 2012

More strikes called in Greece after 2013 budget published as Greece Enters DEPRESSION

  • the budget predicts that government debt will hit 189.1% of gross domestic product in 2013. The budget is forecast at 5.2% of GDP, compared with the 4.2% predicted a month ago.
  • The revisions mean that Greece no longer expects to post a surplus excluding debt costs of 1.1% of GDP next year. It now only expects a primary surplus of 0.4%.
  • The budget also forecasts the Greek economy contracting by 4.5% in 2013, from 3.8% in the previous draft. That means that Greek GDP will have slumped by 21.5% since 2008 by the end of next year. A true depression.