I have written countless times on how the Greek government has such large structural problems that the only answer is a default, to cut the head off the snake so to speak, an article in Athens News/Reuters today reinforces this opinion.
In the 3 months of Q2 the Greek government deficit was over 7 billion Euro’s a month. Reuters did take the time to highlight the fact that the central government deficit is different from the government deficit as a whole but this only serves to highlight the black hole that is the central government in an even clearer light.
Assuming the central government’s deficit is flat at 7 billion Euros a month then the regional governments have been propping up the central government to the tune of 5 billion Euros a month.
Whatever the case may be, this article shows one of two things.
Either the Greek governments deficit has exploded from 2 billion Euros a month to 7 billions Euro a month, further highlighting the futility of tax increases and the avoidance of a government default or,
The regional governments in Greece are propping up the central government which reinforces my belief that city states are the solution to Greece’s problems and that a default of the central government is essential to free the people of the massive burden.
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