Acropolis Now

[Louis VI the Fat]

the second link notes that our structural deficit is probably closer to 5% rather than 12%, because a large part is short term debt relating to bank bailouts rather than decades of spending on credit.

In the UK election thread, we don't hear the end of it how Labour has mortgaged Britain's future with its irresponsible deficit spending.

In this thread, we don't hear the end of how the UK - which is always right! - has done so much better than the rest of Europe because the deficit spending is really only short term and should not be confused with a structural deficit.

pensions were set at 54 on top of the 14 months a year

Considering the high level of unemployment, the early retirement age is of little consequence. It merely speeds up of the rotation of government jobs.

Basic civil service wages are very low. The taxpayer won;t have it otherwise. To compensate, civil servants get payed in bonuses and a 13th and 14th month. The end result is a normal wage. Not an excessive wage structure is at work here, but smoke and mirrors, and a lack of transparancy, as is the custom in Greece.

Both are the result of the problems, not the cause of the problems.