Friday, September 10, 2010

Greece’s Revenue Falls. Uh, Oh.

Wall Street Journal
September 10, 2010

Greece has, so far, made strong progress this year cutting its massive government budget deficit.

But there is a worrying sign in new data, out today, for August: The state’s revenue is falling. And its spending is rising.

You wouldn’t know it from the government’s press release, which cits a 3.3% increase in ordinary budget revenue for the January - August period, against the same eight months last year. That gain, however, comes entirely from the first seven months of the year. A bit of subtraction shows that revenue in August 2010 was below the figure from August 2009.


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