The Greek Fiscal Adjustment Programme: An evaluation

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In this Commentary, CEPS Director Daniel Gros takes a look at the quality of Greece’s official fiscal adjustment programme and concludes that a substantial part of the projected revenue increases are unlikely to materialise and that the hard choices and unavoidable cuts have been postponed. In his view, it is not a credible instrument in the longer-run perspective, which is what is needed given that the required long-term adjustment is a reduction in the deficit worth over 10% of GDP.

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