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tesekkurler sımdıden
Although its economy boomed as a result of the flood of foreign capital and low interest rates after joining the euro, Greece still continued to spend heavily on the public sector, specifically on jobs and pension plans (The Economist, 2010a). “Lower interest rates allowed the government to refinance debt on more favourable terms: the ratio of net interest cost of GDP fell by 6.5 percentage points in the decade after 1995. The underpricing of default risk during the credit boom gave Greece easy access to longer-term borrowing. Lower interest rates also spurred a spending splurge. The economy grew by an average of 4% a year until 2008” (The Economist, 2010a, A marathon, not a sprint). As a result of overspending, the government sector in Greece grew rapidly between 2000 and 2009, though not fully paid by tax and other revenues (see Figure 2.1a). As Figure 2.1a shows, general government expenditure in 2009 was 50.4% of GDP, while general government revenue was 36.9% of GDP. Additionally, Figure 2.1a demonstrates that at least since 2000, general government revenue as a percentage of GDP has consistently remained lower than government expenditure.
Although its economy boomed as a result of the flood of foreign capital and low interest rates after joining the euro, Greece still continued to spend heavily on the public sector, specifically on jobs and pension plans (The Economist, 2010a). “Lower interest rates allowed the government to refinance debt on more favourable terms: the ratio of net interest cost of GDP fell by 6.5 percentage points in the decade after 1995. The underpricing of default risk during the credit boom gave Greece easy access to longer-term borrowing. Lower interest rates also spurred a spending splurge. The economy grew by an average of 4% a year until 2008” (The Economist, 2010a, A marathon, not a sprint). As a result of overspending, the government sector in Greece grew rapidly between 2000 and 2009, though not fully paid by tax and other revenues (see Figure 2.1a). As Figure 2.1a shows, general government expenditure in 2009 was 50.4% of GDP, while general government revenue was 36.9% of GDP. Additionally, Figure 2.1a demonstrates that at least since 2000, general government revenue as a percentage of GDP has consistently remained lower than government expenditure.
Although its economy boomed owing to flood of foreign capital and low interest rates caused by the eurozone, Greece still continued to spend heavily on the public sector, particularly on job and pension planning (The Economist, 2010a). “Lower interest rates allowed the government to refinance debt on more favourable terms: the ratio of net interest cost of GDP fell by 6.5 percentage points in the decade after 1995. The underpricing of default risk during the credit boom gave Greece easy access to longer-term borrowing. Lower interest rates also spurred a spending splurge. The economy grew by an average of 4% a year until 2008” (The Economist, 2010a, A marathon, not a sprint). As a result of overspending , public sector grew rapidly between 2000 and 2009, though not fully supported (subsidized)by taxation and any other revenue (see Figure 2.1a). As Figure 2.1a shows, in 2009, general government expenditure was 50.4% of GDP, whereas general government revenue was only 36.9%. In addition, Figure 2.1a demonstrates, since 2000, general government revenue figures has consistently remained below that of government expenditure when compared in gdp percentages.
- theunforguven
(30.01.14 23:12:47 ~ 31.01.14 10:01:20)
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