… than the fiscal state of a country is in a really, really, … REALLY bad condition. Timothy Geithner (US Secretary of the Treasury) appeared several times on TV as well as Ben Bernanke (US Federal Reserve Chairman) during the peak of the financial crisis and afterwards.
Greek Finance Minister George Papaconstantinou talks with Bloomberg’s Rishaad Salamat about efforts to reduce the country’s debt. Papaconstantinou, speaking from Athens, also discusses the credibility of the country’s economic statistics and public sector spending cuts.
Extraordinary times call for extraordinary measures, to calm markets and assure them ‘that the situation is “dangerous”, but we have the situation under control.’
Papaconstantinou Expects Greek Debt to Peak Next YearWhat is most interesting to note is, that they will tax parts of the economy not taxed before, have a new parliamentary watchdog to check the data of the finance ministry, and that they try to privatize some government entities. According to the finance minister, government debt will peak at 120% to GDP this year, declining afterwards.
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