New Greek Austerity

Greece government introduced yesterday a new austerity package and a tax increases. The value of the package is 4.8 billion of EUR. Half is aimed at spending cuts and half on tax increases.

The tax increases will only ad to the dead spiral decreasing economic activity, and then again decreasing tax revenues… But that is the problem that will be dealt with further down the road.

Euro- Zone retail sales in January slipped by 0.3% from December and were 1.3% lower than in January 2009. Looks Europe is the place where the new set of problems arises first.

This entry was posted on Wednesday, March 3rd, 2010 at 7:48 am and is filed under Markets. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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