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Friday, November 23, 2012

Greek Crisis: Household Incomes -15%, Welfare Benefits -9.5%, Taxes +37%

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Household incomes dropped by 15 percent in the second quarter of 2012, compared to the same period a year earlier, figures by Greek statistics service ELSTAT showed on Thursday.

Welfare benefits went down by 9.5 percent over the same period, data showed while indicating a 7.3 percent reduction in consumption.

At the same time, Greek households were hit by a 37 percent increase in taxes, ELSTAT said.

Households are estimated to have lost 5.4 billion euros in disposable income.

PS No comment. What should I comment on this?

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