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First, the graph you complained about is specifically showing large budget deficits for the last 14 years or so. It's the blue bars. You might think the data in
by jsnell 11y ago
First, the graph you complained about is specifically showing large budget deficits for the last 14 years or so. It's the blue bars. You might think the data in that graph is somehow false, but at least it's very relevant data for this conversation.
Second, there indeed all kinds of sources claiming there's been a primary surplus for years. It's also clear that Greece is paying very little interest (2.6-4.0% of GDP in 2014 depending on the source -- it's quite amazing that you can't get reliable facts on something like this!). Their debt is also continuing to increase rapidly, and now they're going to need another 80 billion bailout.
This combination of supposed facts just doesn't add up. If there's a primary surplus and the interest payments are tiny, there should be either a fiscal surplus or at most a tiny fiscal deficit. And in that case there's no reason for the debt to grow. The easiest conclusion to see is that this is just the books being cooked once again. For example in 2013 that was a total of 9.5% of GDP in spending being ignored due to being supposedly non-recurring. (Not blaming Greece for this btw, it's been in the interest of the EU to pretend that the situation is somehow getting better and the plan is working).
This rather suggests that forgiving the debt (not just, some but even all the debt) would do little to get them out of the whole. They'd still be running a deficit, and would just have to start going to debt once again.