Provopoulos: “In 2008 the IMF warned that the Greek debt was 800% GDP”

3 April 2016
321 Views

The former Governor of the Bank of Greece Giorgos Provopoulos revealed that the in May 2008 he the head of the IMF’s mission to Greece at the time Bob Traa has estimated that Greece’s debts were over 800% of the GDP.

According to Mr. Provopoulos, who made the revelation at the annual meeting of the Federation of Hellenic Food Industries (SEVT), these estimates were included in a report on the Greek economy. Mr. Provopoulos commented that in spite of the report, they chose to ignore what was happening. He also revealed that the actuarial debt of Greek pension funds at the time was 400% of the GDP.

Later on the former central banker was highly critical and dismissive of the fiscal policy that was implemented at the start of the crisis. Mr. Provopoulos was also doubtful as to whether Greece will exit the crisis, likening the situation to “being stuck in a minefield”.

Finally Mr. Provopoulos criticized the policy of constant tax hikes, underlining that “taxes will not bring growth, but rather lead the economy to a vicious cycle”.

You may be interested

Lotto results: 18/08/2018
GREECE
shares14 views
GREECE
shares14 views

Lotto results: 18/08/2018

Panos - Aug 18, 2018

The winning numbers from the Lotto draw are as follows:

Rubikon storms the Embassy of Austria!
GREECE
shares38 views
GREECE
shares38 views

Rubikon storms the Embassy of Austria!

makis - Aug 17, 2018

An invasion of the Embassy of Austria took place at noon on Friday by the anarchist group Rubicon. In a…

Germany: We have agreed with Athens on the return of immigrants to Greece
WORLD
shares41 views
WORLD
shares41 views

Germany: We have agreed with Athens on the return of immigrants to Greece

makis - Aug 17, 2018

On Friday afternoon the spokesman of the German Ministry of the Interior announced an agreement with the Greek government regarding…

Leave a Comment

Your email address will not be published.