Greece confirms it will miss deficit targets

[Bosonic]

Source: Reuters

(Reuters) - Greece will miss 2011 and 2012 budget deficit targets set by the EU and the IMF, according to figures published by the finance ministry on Sunday after the cabinet adopted the draft 2012 budget.

The budget deficit will reach 8.5 percent of GDP this year, missing a 7.6 percent target. It will be brought down to 6.8 percent of GDP next year but will still miss the bailout target of 6.5 percent of GDP.

"Three critical months remain to finish 2011, and the final estimate of 8.5 percent of GDP deficit can be achieved if the state mechanism and citizens respond accordingly," the Finance Ministry said in a statement.

Read more: http://www.reuters.com/article/2011/10/02/us-greece-idUSTRE7900SU20111002

[Owlet]

1. I'm stunned...stunned

Who could have imagined such a thing?

[Harmony Blue]

2. Good

Let the bankers eat the loss, and let the Greek people move on with their lives.

[Yo_Mama]

8. That's exactly what they won't be able to do

As bad as it is for the Greeks, default will hurt even worse. When you can't borrow money and you are running a deficit like that, you can't tell bankers to eat the loss and move on.

They are going to default, but it won't be easy for the Greeks. It will worsen their depression.

[Warpy]

3. All they need to do is put some teeth into their tax laws

and imprison a few of the plutocrats who have scoffed at their laws for decades.

Greece is in trouble because too many of the citizens see paying taxes as optional and their present laws don't punish those who refuse to cough up.

[RUMMYisFROSTED]

5. Alternative representation:

They see "their" government as horseshit.

Which one is it?

[elleng]

6. Right. Unfortunately

(HUGE unfortunately) the world is and will suffer because of this particular cultural attribute.

(Don't mean to suggest world's not suffering due to 'our' Wall Street debacle, but the combo is doing us all in.)

[GliderGuider]

4. And away we go...

Everybody stay safe now, the ride's about to get a bit bumpier....

[L0oniX]

7. Ask me if I give a fly'n fuck. When are they going to go after the wallstreet thieves? ...

...who are responsible for the economic fuck over we are in.