These budget figures clearly show that the Greek economy has been administered a heavier dose of taxation than it should have been while spending escaped unscathed. This policy has been largely self-defeating, since it brought the economy to its knees, producing a bigger headline deficit and masking underlying fiscal progress. Moreover, it helped undermine market confidence and create persistent damaging perceptions about Greece that will take a lot of effort and time to change. Focusing on the cyclically-adjusted budget deficit may be a good way to begin.
Ekathimerini
