OPINION

Public debt is growing

If someone made 530 euros per month and yet spent 880 euros in the same time period, we would say they were reckless. But what we rightly condemn as foolish and dangerous behavior on an individual level has in fact come to be seen as acceptable on a collective level. The Greek state each year collects 53 billion euros, while spending 88 billion. The rest is loans. The Greek economy has for many years been dogged by public deficits. The foot-dragging of successive governments in passing the necessary structural reforms has led to an increase in borrowing. Although public sector debt fell to 2.6 percent of GDP from 7.8, even this smaller deficit has sustained heavy borrowing. In order to pay back public debt (116 percent of GDP) we would all have to work for free for 14 consecutive months. This is cause for deep concern.