The “creative accounting” tactics of PASOK are in the spotlight again. The Hellenic Statistical Authority (ELSTAT) which is already under investigation for "cooking" the deficit a little after George Papandreou came into government, and presenting it higher than that of Ireland, thus forcing Greece to later on sign the Memorandums of shame with the Troika, is now “cooking” the stats for the period 2005-2010 to more “convenient” for the government amounts.
Now the GDP has supposedly declined (!) for 2010, thus reaching the same amount that it was in 2009 when PASOK came to power and when the spreads on loan rates were averaged at some 180-230 units. Basically ELSTAT raised the reduction from a previous -2% to -3.2%!
The results of this “creative accounting” is that the level of Greece’s Gross Domestic Product (GDP) has been completely revised downward from LD (2005-2009) and upward in 2010 by George Papandreou’s government! At current market prices compared with March 2011 estimates are as follows: 2005 (-0.9%) 2006 (-1.1%), 2007 (-1.9%), 2008 (-1.7%), 2009 (-1.4%) 2010 (-1 2%).
According to new data, growth rates (changes in volume) of GDP for 2006-2010 were revised as well: 2006 (to +5.5% from 5.2%), 2007 (to +3.0% from 4 , 3%), 2008 (to -0.2% from 1.0%), 2009 (to -3.2% from -2.0%), 2010 (to -3.5% from -4.5% ).
No if's and's or but's about it..... This government is dangerous.
Now the GDP has supposedly declined (!) for 2010, thus reaching the same amount that it was in 2009 when PASOK came to power and when the spreads on loan rates were averaged at some 180-230 units. Basically ELSTAT raised the reduction from a previous -2% to -3.2%!
The results of this “creative accounting” is that the level of Greece’s Gross Domestic Product (GDP) has been completely revised downward from LD (2005-2009) and upward in 2010 by George Papandreou’s government! At current market prices compared with March 2011 estimates are as follows: 2005 (-0.9%) 2006 (-1.1%), 2007 (-1.9%), 2008 (-1.7%), 2009 (-1.4%) 2010 (-1 2%).
According to new data, growth rates (changes in volume) of GDP for 2006-2010 were revised as well: 2006 (to +5.5% from 5.2%), 2007 (to +3.0% from 4 , 3%), 2008 (to -0.2% from 1.0%), 2009 (to -3.2% from -2.0%), 2010 (to -3.5% from -4.5% ).
No if's and's or but's about it..... This government is dangerous.
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