Greeks fear times will get tougher
Fears that Greece will be unable to pay off its debts, after a cut in its credit rating, are reflected by a deep pessimism on the streets, says Philip Pangalos in Athens.
Most ordinary Greeks are increasingly fed up with government pledges to deal with the country's mounting fiscal woes, the reality that tougher times lie ahead and that they will probably have to foot the bill.
But it is time to pay the piper after years of wasted opportunities and an inability to by successive Greek governments to deal with a string of looming economic problems.
The gloomy mood is palpable on the streets of Athens.
"The economic situation here is dismal and I don't see any improvement any time soon," says Stefanos Dallas, a 42-year-old consultant.
"I'm living from month to month and have resorted to borrowing money from friends and family to make ends meet. This is not a way to live."
'One more last chance'
Greece's budget deficit is forecast to reach 12.7% of GDP this year - more than four times the maximum 3% allowed for eurozone members - while public debt levels are ballooning and are forecast to top 120% of GDP next year.
At the same time, tax evasion is rampant and is said to cost Greece some 30bn euros (£27bn) each year, which is more than the annual deficit, while analysts say the state pension system is facing collapse in the next decade unless urgent reforms are undertaken.
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Fears that Greece will be unable to pay off its debts, after a cut in its credit rating, are reflected by a deep pessimism on the streets, says Philip Pangalos in Athens.
Most ordinary Greeks are increasingly fed up with government pledges to deal with the country's mounting fiscal woes, the reality that tougher times lie ahead and that they will probably have to foot the bill.
But it is time to pay the piper after years of wasted opportunities and an inability to by successive Greek governments to deal with a string of looming economic problems.
The gloomy mood is palpable on the streets of Athens.
"The economic situation here is dismal and I don't see any improvement any time soon," says Stefanos Dallas, a 42-year-old consultant.
"I'm living from month to month and have resorted to borrowing money from friends and family to make ends meet. This is not a way to live."
'One more last chance'
Greece's budget deficit is forecast to reach 12.7% of GDP this year - more than four times the maximum 3% allowed for eurozone members - while public debt levels are ballooning and are forecast to top 120% of GDP next year.
At the same time, tax evasion is rampant and is said to cost Greece some 30bn euros (£27bn) each year, which is more than the annual deficit, while analysts say the state pension system is facing collapse in the next decade unless urgent reforms are undertaken.
<iframe src="http://news.bbc.co.uk/2/hi/europe/8404861.stm" height="555" width="987">