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One step before reaching an agreement (?) on Greece’s bailout program, the government dispatched today the revised proposal including the extension of the current loan agreement for the next six (6) months, while introducing a moratorium in the implementation of new austerity measures suggested by troika last November. Meanwhile, the ECB decided yesterday to extend liquidity from ELA to the Greek banks, thus securing the proper function of the banking system. The Greek government and PM Tsipras want time to shift negative prospects of the economy and come back at the end of summer 2015 with entirely new facts regarding public finance performance and negotiate over a broader plan with the creditors. So far, there has been some key macroeconomic data released by IMF and OECD that confute a number of myths with regards to the Greek economy and policy-making these last years.

Figure No. 1: General Government Revenue

Since 2013, the […]

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