I may be missing something; hopefully someone on e Askabutmoney will put me right.
For the last three years we have been told that the budget deficit is 18 to 20 billion Euros, it is the same figure each year.
We are also being told that the tough budgets over the same period were necessary to reduce the budget deficit.
If I remember correctly, the total amount withdrawn from the economy over the last three years is at least 12Billion Euros, yet the deficit remains the same. What’s going on?
To reduce our budget deficit by 2013, going on the current deficit the next two budgets will need to take 8 to 10 billion each year out of the economy, plus pay the interest on ECB/IMF loans of around 8 billion.
Am I massively misinformed, or is there a magic formula at work that will make all this right by 2013?
For the last three years we have been told that the budget deficit is 18 to 20 billion Euros, it is the same figure each year.
We are also being told that the tough budgets over the same period were necessary to reduce the budget deficit.
If I remember correctly, the total amount withdrawn from the economy over the last three years is at least 12Billion Euros, yet the deficit remains the same. What’s going on?
To reduce our budget deficit by 2013, going on the current deficit the next two budgets will need to take 8 to 10 billion each year out of the economy, plus pay the interest on ECB/IMF loans of around 8 billion.
Am I massively misinformed, or is there a magic formula at work that will make all this right by 2013?