Revised Greek Debt Numbers: It's Even Worse Than Initially Thought

The latest numbers from EuroStat are out on the 2009 Greek budget deficit and debt levels.

Greece's 2009 budget deficit reached 15.4pc of gross domestic product, significantly above its previous estimate of 13.6pc, Eurostat said.

Public debt stood at 126.8pc of GDP at the end of last year, higher than that of any other EU state. In April, Eurostat had estimated the figure at 115.1pc of GDP.

This will most assuredly mean that Greece will not meet targets set out in its bailout agreement.

The current austerity plan, itself, is a mixed bag. To the degree it cuts back on the size of spending by the Greek government, it is a plus. To the degree it attempts to increase taxes, it is a minus. Given Greece's penchant for micro-management of the economy, the entire thing is turning into one big mess. And, as ever, the ruling class takes care of itself while the country crumbles. Greek born international playboy, Taki Theodoracopulos, reports:

One has to plant in order to reap, unlike fellow Greeks, who reaped long before thinking of planting. I hear the Big Olive is a sad place these days. Shops have closed throughout the capital, and people are losing their life’s savings. Those responsible are swanning around in their Mercedes-Benzes instead of being locked up.