By Ambrose Evans-Pritchard Last updated: February 8th, 2012
The Telegraph
Will Greece comply with the Troika’s diktats?
Very quickly: some of you will have seen that Greece’s tax revenue from VAT collapsed by 18.7pc in January from a year earlier.
Nobody can seriously blame tax evasion for this. It has happened because 60,000 small firms and family businesses have gone bankrupt since the summer.
….
This is a damning indictment of the EU-imposed strategy. Greece is chasing its tail. The budget deficit is stuck near 8pc to 9pc of GDP because the economic base is shrinking so fast.
Read more at: http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100014697/for-greece-a-tear-for-brussels-a-blush/
