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Quo vadis,
Hellas? The
early Greek elections in October 2009 not only brought a new government to power,
but also brought new truths to light. While the previous conservative government
had declared the budget deficit to be around 6% of GDP for 2009, the new socialist
government was obliged to revise this figure. At 12.7% of GDP, the budget hole
is now twice as big. Whether this fact is due to a lack of diligence in data processing
on the part of the Greek authorities, or repeated deliberate deception of market
players, can ultimately be viewed as a secondary concern.
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