The machinery of state revenues and expenditures move in opposite directions. The resources into public coffers barely covers half the money pledged by the Administration in its spending policies. The red numbers of the state reached 50.946 million euros, in cash terms, between January and July compared to 10.553 million in the same period in 2008.The budget deficit, already at 4.8% of GDP, has increased fivefold in a year by the recession and the ‘active fiscal policy “of government, according to the Ministry of Economy. The result is that income until July of 57.757 million euros, cover only half the cost generated by the State, 108.703 million. (more…)
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