Greece...

antrobus

wotsthat wrote: »

Greece already has one of the highest tax burdens in the world so they do enjoy running a large state. I might move there - relaxed attitude to paying tax and a generous benefits system - what's not to like?...

Eurostat says that in 2013 taxation was 37.1% of Greece's GDP. Which is below the EU average of 40%.

OECD says that in 2013 taxation was 33.5% of Greece's GDP. Which is slightly below the OECD average of 34.1%.

Don't blame me that the numbers are different. But Greece clearly does not have a particularly high tax burden.

Thrugelmir

antrobus wrote: »

Don't blame me that the numbers are different. But Greece clearly does not have a particularly high tax burden.

Perhaps it's the unreported GDP?

More likely this is the reason. At the end of 2014 €76 billion was owed in unpaid taxes.

remorseless

Thrugelmir wrote: »

At the end of 2014 €76 billion was owed in unpaid taxes.

and how much is the bailout amount?

antrobus

remorseless wrote: »

and how much is the bailout amount?

No 3 is worth €86 bn.

Thrugelmir wrote: »

Perhaps it's the unreported GDP?

More likely this is the reason. At the end of 2014 €76 billion was owed in unpaid taxes.

It's a possibility that Eurostat numbers are based on tax due, whilst OECD uses tax paid.

michaels

You couldn't make it up. IN return for 'selling' the Greeks a few beamers on the never never (which are basically a gift cos they aint never getting paid for) the Germans have benefited not just from a lower exchange rate to help their exporters (the DM would have been much stringer than the Euro over the last 15 years) but also apparently the 'crisis' around Greece has resulted in lower bond yields for German debt due to it's safe haven status and saved them much more in interest than they have 'loaned' the Greeks. Goldmans would have been proud of that one.

http://www.bbc.co.uk/news/world-europe-33845836

Graham_Devon

michaels wrote: »

You couldn't make it up.

I was accused of doing just that earlier in this thread regarding this!

Kendall80

michaels wrote: »

You couldn't make it up. IN return for 'selling' the Greeks a few beamers on the never never (which are basically a gift cos they aint never getting paid for) the Germans have benefited not just from a lower exchange rate to help their exporters (the DM would have been much stringer than the Euro over the last 15 years) but also apparently the 'crisis' around Greece has resulted in lower bond yields for German debt due to it's safe haven status and saved them much more in interest than they have 'loaned' the Greeks. Goldmans would have been proud of that one.

http://www.bbc.co.uk/news/world-europe-33845836

Probably why the whole thing was strung out for so long. I bet they were shorting the Dax too

Thrugelmir

michaels wrote: »

You couldn't make it up. IN return for 'selling' the Greeks a few beamers on the never never (which are basically a gift cos they aint never getting paid for) the Germans have benefited not just from a lower exchange rate to help their exporters (the DM would have been much stringer than the Euro over the last 15 years) but also apparently the 'crisis' around Greece has resulted in lower bond yields for German debt due to it's safe haven status and saved them much more in interest than they have 'loaned' the Greeks. Goldmans would have been proud of that one.

http://www.bbc.co.uk/news/world-europe-33845836

The UK was the biggest market for beamers pre GFC in Europe. You can see who the real suckers are. Image above substance.

At least the Greeks went down buying Porsche Cayenne's

worldtraveller

Greece caught investors off guard as it revealed that its economy has grown in the second quarter, thereby marking the end of a short-lived recession.

The Hellenic Statistical Authority said that Gross Domestic Product (GDP), a measure of a country's economic output, surprisingly increased by 0.8% in the three months to June.

City analysts had expected a contraction of around 0.5%.

Furthermore, the 0.2% decline which was originally recorded for the first three months of the year has been revised upwards to 0%.

Sky News

OK, I know, I know...very low base; estimate only; before capital controls; real, not nominal basis in severe deflation period, etc.

Or, simply rigged!

Thrugelmir

If you thought the banks were going to fail. Then you'd want to take your money out and spend it. Buy cars, washing machines, TV's etc. This appears to be the case. And the reason behind the blip.