I have explained the Golden Rule of Corrections. Once you extend in anything beyond a time unit of 3, you are then in a change in trend. The Greek recession, and most of the Western World, began in 2007. We began with the Greek Debt Crisis precisely to the day on the Pi Target from the 2007.15 high in the Economic Confidence Model. That was the 3 year mark and signaled we were beginning a serious major change in long-term trend.That means at the very least, we are looking at the first possible low being 2017 but it is more likely we will extend into a 13 year decline if the pressure is extreme pushing the low into 2020.
“The emerging risk is that tax administration will follow on a slow reforms path, without ending political intervention nor corruption,” according to a Greek translation of the report.
The latest budget data show that Greek revenue from indirect taxes, such as the value-added tax and levies on consumer goods, in January fell more than 300 million euros ($390 million) far short of target. Prime Minister Antonis Samaras told parliament this week that the government had also recorded a shortfall in February. In the latest round of austerity measures implemented in January, Greece imposed higher taxes on wages and pensions in a bid to generate more than €1 billion in additional revenue. (more)
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