Greece and the EU: Why are we not talking about this?

[fredv3b]

Pip,

Greece was running a huge deficit through the economic good times and hiding it through 'creative accountancy'. In those heady days investors did not play as close attention to the Greek Governments books as they should, not anymore. Improvements in the domestic Greek economy would still leave a very large public deficit. If the Greeks are unable, politically, to make cuts in the face of disaster, I doubt they can when the economy is improving.

Also a major debt forgiveness deal is part of the EU bailout package.


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