Nation of Beancounters

Greek debt fact of the day

Posted in Uncategorized by Navin Kumar on September 30, 2012

In Greece’s state-financed political system, parties that receive more votes get more funding. Relying on past good results, the big political parties have pledged future state funding as collateral for bank loans. But in the most recent poll their support collapsed, leaving them with big loans and facing much smaller incomes.

…Greece is among the most generous of EU countries to political parties…Per valid vote cast, Athens spends an average 9.4 euros versus Germany’s 3.1 euros.

More here. Greek debt stands at 163% of GDP.

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