PS: the video came with the following text:
And as an encore: it's curtains for Greece, on Chanukah!
( Remind me, wasn't it the Greek Empire that challenged God's law in Jerusalem at the time of Chanukah? Don't mess with our Temple, by now the lesson should be clear to all. Hey, Rome, you're next!)
Greek Budget Deficit To Pass 10% Of GDP, Country Stops Most Cash OutlaysFrom ZeroHedge as well:
While European banks may or may not succeed in delaying the inevitable unwind of the Eurozone by a month or two, the European credit catastrophe is taking on a grotesque form, first in Greece, where following news that the budget deficit will soar past an unprecedented 10% of GDP, the Greek government has halted virtually all cash outflows. Ekathimerini reports that "The government has decided to stop tax returns and other obligation payments to enterprises, salary workers and pensioners." In other words, the entire government has now virtually halted one half of its operations - the outlays - as the country reverts even more to its status as European bank debt slave, in perpetuity, or until the country breaks away from the Eurozone and reinstitutes the Drachma (which as Zero Hedge pointed out first in August, continues to trade When Issued at various desks) whichever comes first.
The Finance Ministry is desperately seeking ways to contain the fiscal deficit that has swollen due to additional grants to social security funds totaling 0.5-0.9 percent of GDP and due to the lagging of public revenues in the year’s first 11 months.As a result we are about to get, you guessed it, another downward growth revision. We have lost count how many there have been in the past year alone.
Finance Minister Evangelos Venizelos and his alternate, Filippos Sachinidis, met on Monday with the other high-level ministry officials and agreed to issue an order to the country’s tax authorities to immediately stop paying tax returns to taxpayers, companies and state suppliers.
They also decided to promote a new regulation at the start of 2012 allowing for old debts to be paid in 60 installments, at a minimum sum of 300 euros each, in an effort to bring more revenues into the state coffers.
Provisional figures for the first 10 days of December showed that public revenues remained at low levels, although a pleasant surprise came in the form of the special property tax paid through electricity bills. This revenue has exceeded expectations, although a share of that will have to be returned owing to errors made in calculating the tax for certain property owners.
Under these circumstances, state revenues are expected to lag theIn conclusion, even Greece now admits terminal failure:
revised target for 2011 by a considerable 1.5 billion euros at least,
while the excess on the expenditure side will be calculated after the
amount granted to the social security funds is established.
The only way to reduce the damage done to the 2011 budget byAnd while the next depoit update from the Bank of Greece will confirm the domestic bank run is soaring, and the country's financial system is a hollow shell, none of this matters any more: Greece is now officially bankrupt in all but name. At this point the best the banking cartel is to hope to bleed the country dry for a few more months before the people finally revolt at which point all bets are off.
insufficient revenues is through further cuts to the Public Investment
Program, but even then the deficit will be impossible to bring below 10
percent of GDP.
Sachinidis admitted in Parliament yesterday that
both the government and its creditors have failed in their estimates for
Greece’s macroeconomics this year, saying that this was also down to
the financial program followed.