Thursday, July 26, 2012

The Troika is what? (Part 2)

Good evening economists. As a follow up on my article in Cyprus Weekly I am posting this piece published in Simerini newspaper.

My original article which you can read a couple of posts below, foresaw pay cuts in the public sector as well as layoffs and increase in indirect taxation. I am saddened by the fact that I was right for the first two and I will probably be spot on for the third when the actual measures are announced. I am saddened because this means that difficult days are coming. I am also saddened because there are still people who remain passive, applauding the government's mishandling of the economy even in this late stage.

Remain then with your "red lines". The rest of us choose to move forward.

Have a goodnight!

UPDATE: The Troika will recommend an increase of VAT to 20 percent. The measures predicted in my article have been realised. Hang on because the most difficult part is still to come.


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