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January 24, 2012

Greek deficit exceeds target: 9.6%

Greece development minister Michalis Chryssochoidis announced that deficit reduction targets (target of 9%) were missed but still better than the 2010 deficit of 10.6%. The Fitch credit agency then warned that the missed target indicates Greek potential for pulling the eurozone into further crisis, though the Fitch overall outlook is low probability of a euro breakup (January 5 "Risk Radar" report). Fitch has suggested most important arena for such a result is with the burgeoning Italian debt problem, which greatly exceeds Greece's numbers.

Washington Post article:

"Greece has been forced to cut spending and raise taxes in the middle of a severe downturn, slashing pensions as well as state salaries, jobs and services. As public confidence has evaporated, consumer spending — the biggest driver of the economy — has plunged, generating cascading losses at private firms. The result is a dizzying economic plummet and social crisis that is bringing the cradle of Western civilization to its knees."

Also see: Deficit targets for 2011

Austerity

January 2011 - Washington Post: Does austerity even work?

May 2011 - Austerity Referendum vote for Greece?

October 20, 2011 - Austerity Vote passes on first reading

September 2011 - Reasons to quit and continue with austerity

Advent of austerity in Greece

June 2011 - Olli Rehn: Austerity or default, no other course

June 2011 - Austerity vote coming

June 27, 2011 - IMF pledges austerity program will succeed

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