- Greece Releases Another Budget, Hilarity Ensues!
by Tyler Durden, www.zerohedge.com
If the just released 2013-2016 latest re-re-revised budget out of the Athens Finance Ministry (whose basement was forever memorialized in the following picture) is all Greek to you, it’s because it is. But even it wasn’t, it would still be absolute gibberish and yet another failed study in the ‘analysis’ of animal entrails in order to predict the future. Why? We have extracted merely one data series: the brand new debt/GDP (ignoring for a second the -4.5% 2013 GDP forecast – already 0.5% worse than the just released IMF forecast for Greece for the same period and certainly worse than the May forecast of 2013 “growth”), and have compared it to the Debt/GDP “forecast” as of May 2010, when the first Greek bailout was announced. The numbers speak for themselves.
… Just a tad different, especially 2014, where the original forecast saw a declining debt/GDP of 144.3%, and now, two year later, this number is supposed to peak at 191.6%. Of course, in two years, when 2014 is a historical, the real number will have a 3 handle (and be triple digits for those confused).