Greece's tax revenues collapse as debt crisis continues

[zenitzz]

As talks continue over proposed €86bn third bailout, Greek treasury says tax revenues fell 8.5% in a year, and public spending fell 12.3%

Fresh evidence of the dramatic impact of the Greek debt crisis on the health of the country’s finances has emerged, with official figures showing tax revenues collapsing.

As talks continued over a proposed €86bn third bailout of the stricken state, the Greek treasury said tax revenues were 8.5% lower in the first six months of 2015 than the same period a year earlier. The bank shutdown that brought much economic activity to a halt began on 28 June.

Public spending fell even more dramatically, by 12.3%, even before the new austerity measures the prime minister Alexis Tsipras has been forced to pass to win the support of his creditors for talks on a new bailout.
reece is due to make a €3.2bn repayment to the European Central Bank on 20 August.

Talks with the quartet of creditors, which includes the ECB, the International Monetary Fund, the European commission and Europe’s bailout fund, the European stability mechanism, are continuing, and Tsipras has suggested they are “in the final stretch”.

However, it remains unclear whether the prime minister, who was only able to pass the latest package of austerity measures with the help of opposition MPs, will be able to win the backing of his radical Syriza party for new reforms, at a special conference due to be held next month.

The IMF has made clear that it will refuse to commit any new funds until Greece has signed up to a new economic reform programme, and eurozone countries have made a concrete offer to write off part of the country’s debt burden.

Read more: http://www.theguardian.com/world/2015/aug/06/greece-tax-revenues-collapse-debt-crisis-continues-euro

[botany]

Greece will get further behind on its targets.
More obscene spending cuts will be imposed.
The vicious circle continues.

[allthingsluxury]

Unfortunately, the writing is on the wall. Greece is utterly bankrupt, no amount of extend and pretending is going to change this fact. Good luck people of Greece, I hope you've been buying precious metals and bitcoin. Protect your wealth!

[lihuajkl]

Unfortunately, the writing is on the wall. Greece is utterly bankrupt, no amount of extend and pretending is going to change this fact. Good luck people of Greece, I hope you've been buying precious metals and bitcoin. Protect your wealth!

I am afraid ppl there are out of job and money! They have no extra money to do this kind of investment! But it will be a good lesson for us and we should allocate some money to precious metal and potential Bitcoin!

[funkenstein]

The talking heads will milk the publicity as long as they can and pretend that they are relevant to people's finances. 

They aren't relevant in the least.   People who wish to be independent and hold assets will do so and don't care about "Greece" or "The EU"  or where some idiots drew lines on a map long ago. 

[greBit]

Unfortunately, the writing is on the wall. Greece is utterly bankrupt, no amount of extend and pretending is going to change this fact. Good luck people of Greece, I hope you've been buying precious metals and bitcoin. Protect your wealth!

I am afraid ppl there are out of job and money! They have no extra money to do this kind of investment! But it will be a good lesson for us and we should allocate some money to precious metal and potential Bitcoin!

People of Greece should not panic as the reason why Greece is still been blessed with bail outs is because ts geographical location as well as political position in the Eurozone serves to be a major reason why Greece still has an economy. And with the position of Greece on the map, I don't think US would really appreciate if Greece comes in good terms with Russians and allow them to step into their land

[tyz]

What a surprise. in a country what does not have a performing financial authority, the government needs the goodwill of people to pay tax. in the past, many have not paid their tax with having nothing to fear. Now, even the people who showed goodwill are not paying anymore.

[odolvlobo]

As talks continue over proposed €86bn third bailout, Greek treasury says tax revenues fell 8.5% in a year, and public spending fell 12.3%

That's good news! Revenue dropped by 8.5%, but spending dropped by 12.3%. That's a net of +3.8%. That gives them more money to pay off debts.

[spazzdla]

Greece will get further behind on its targets.
More obscene spending cuts will be imposed.
The vicious circle continues.

Yup it's hilarious soon they will have zero income and zero things tax is spent on... NOW how are you going to repay a loan on zero earings? Oh you won't lol.

[n2004al]

What a surprise. in a country what does not have a performing financial authority, the government needs the goodwill of people to pay tax. in the past, many have not paid their tax with having nothing to fear. Now, even the people who showed goodwill are not paying anymore.

Greeks historically are big evaders of taxes. Their mentality is that the money earned from them are theirs and that the state steal their money with the taxes. So they find natural don't pay the taxes. But not only this. They even protect their money from taxes in any way. First of all with lying of the amounts of earnings. They hide the amount earnings in hundred ways. Second even using the force. In many islands the owners of various hotels expel by impolicy the representatives of tax offices