It seems that the forecast of a 3.5% decrease in Greece GDP in 2011 was too optimistic. The finance Minister Evangelos Venizelos said last week that the output is likely to contract by more than 4.5%. Also, the public deficit – the main symptom of Greece’s economic illness – is running towards dangerously high levels, closing at €14.69 billion for the first half of 2011. The targeted deficit for the entire year is at €16.68 billion… The EU-IMF audit entering its final phase today will determine whether Athens will receive next month a sixth tranche of loans as scheduled under the original €110 billion bailout plan, set in May of last year.
Despite the insistence of the EU and IMF representatives, Greece is balking at privatizations plan supposed to bring some €50 billion until 2015. Though, this will help the country to face its public debt, estimated to more than €300 billion. Greek officials curtly replied that this represents interference in their job and they take orders only from Greek citizens. Given the context (a bailout plan for Greece, financed by EU and worldwide taxpayers), such a behavior is at least inappropriate.