One month ago, we wrote that the biggest threat to Greece is not so much the disastrous situation facing the country’s banks – after all that is merely a domino that would bring down the bulk of Europe’s insolvent banks and as such the ECB would certainly step in to prevent a full out collapse, blustering rhetoric and posturing on either side notwithstanding – but the fact that Greece no longer appears able to collect tax revenues. As in even more than before.
Back then we cited Kathimerini which said that “budget revenues have slumped over the last few days as a result of the upcoming elections and taxpayers’ uncertainty about the future.”
The Finance Ministry has recorded a remarkable slowdown in applications for settlement of debts to the state through the 100-installment program, as well as a reduction in revenues from the single property tax (ENFIA), while the…
View original post 537 more words