'Austerity' In Greece Worsens Their Hole

Is this a shock to anyone that pays attention to economy? From the WSJ: Greece's Budget Deficit Higher Than Expected Greece's budget deficit in 2010 was 10.5% of gross domestic product, significantly larger than forecast ...
By John Amato — April 27, 2011

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Is this a shock to anyone that pays attention to economy?

From the WSJ: Greece's Budget Deficit Higher Than Expected

Greece's budget deficit in 2010 was 10.5% of gross domestic product, significantly larger than forecast ... Lower-than-expected government revenue was the main culprit behind the higher deficit number. ... The Greek government was targeting a 2010 deficit of 9.4% of GDP ...

The missed target was "mainly the result of the deeper-than-anticipated recession of the Greek economy that affected tax revenue and social security contributions," the Greek government said in a statement after the Eurostat announcement.

More austerity coming - the beatings will continue until morale improves!

It doesn't take a math whiz to understand that you can't cut your way to prosperity without raising revenues. Republicans should have lost all credibility in the Beltway media since they refuse to embrace any type of tax increases.

( h/t Atrios)

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