• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

Greeks fear times will get tougher

Watchman

Alfrescian
Loyal
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.


<iframe src="http://news.bbc.co.uk/2/hi/europe/8404861.stm" height="555" width="987">
 
Top