November 30, 2022

News Cymru

Two sides to every headline

If there was any doubt that increasing taxes reduces government tax revenues the Greek economic crisis proves it.

Despite massive increases in taxes over the past 3 years, tax revenues have actually declined. 3% decline from 2010-2011

Despite all the salary cuts somehow the Greek government has actaully managed to increase spending from 2010 to 2011 by nearly 5%.

Incredible. I can only assume the increased spending is on troika hospitality and increased interest payments

From Athens News

Jan-Nov 2011 Jan-Nov 2010 Change (%) 11-month 2011 target

revenue

43.833 45.235 -3.1 44.045
Spending 62.706 59.049 6.2 63.499
-revenue 2.643 1.459 81.2 2.623
-outlays 4.287 7.161 -40.1 4.232
Deficit 20.516 19.516 5.1 21.063

 

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