No End to the Greek Tragedy

  • Greece’s latest round of fiscal consolidation will hamper economic growth. 90% of proposals involve raising tax rates while just 10% is from cutting wasteful spending.
  • No agreement on debt relief means IMF fails to participate in bailout deal. IMF also concerned about unsustainable pensions and tax collection rates falling.
  • Greek Government’s compliance with demands for structural reforms stands at just 15%. Market reforms and competition proposals are not being observed.
  • Unless a package of targeted reforms that is aimed at improving competitiveness comes forward, the Greek economy will be destroyed.

Daniel Mahoney, Tim Knox, Michael Iakovidis - Thursday, 2nd June, 2016