Greece is far worse than expected – Wedding

Editors – 15.04.15, 22:03 – Source: Reuters

© AFP. Greek Prime Minister Alexis Tsipras.

The Greek budget deficit and level of debt both are higher than intended. Greece thus not reaching treatment goals in 2014 to combat the debt crisis. Reported that the Greek statistical office, ELSTAT, today.

The previous Greek government estimated that the budget deficit in 2014 would reach 1.3 percent of gross domestic product (GDP). But now it appears that 3.5 percent. The debt burden remains proportional to the domestic product colossal and arrived in 2014 at 177 percent of GDP.

In January, the left-wing government of Prime Minister Alexis Tsipras to power. His government has also said Wednesday in Athens with lenders. Since the change of power early this year in Athens tax revenues have declined significantly and are emptied many bank accounts. A plan that has the approval of European lenders and other euro countries, Tsipras has still not presented.

Economics destroyed
The German Finance Minister, Wolfgang Schaeuble, Tsipras has today criticized. Schaeuble said on a visit to New York that Tsipras’ the progress made by his predecessors in the recovery of the economy, devastated. It is a tragedy according to Schäuble and Greece must finally “be competitive for it turns into a bottomless pit.”

The German minister sees no solution in sight while the Greek treasury becomes virtually empty. “I have no idea how we can agree on an ambitious plan (for recovery).” He expects an agreement at the conference of finance ministers of the euro countries end next week in Riga.

Kreditwaardigheid Down
Greece already had a so-called junk status, but Today, Standard & amp; Poor’s (S & amp; P) the creditworthiness of Greece, further reduced. According to the rating remains uncertain whether the country can keep all its payment obligations and its economic reforms badly needed

S & amp;. P lowered the score of the Greeks from B- to CCC + which means that investing in Greek government bonds even higher risk entails. In February, the company warned that the status of the country would further be adjusted downwards

Because of the low rating by rating agencies such as S & amp;. P Greece is already a few years no longer himself up on the capital market. The country is dependent on emergency loans.