Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel

[NNN0LHI]

http://www.nytimes.com/2012/06/06/business/global/greece-warns-of-going-broke-as-taxes-dry-up.html

By LIZ ALDERMAN
Published: June 5, 2012

ATHENS — As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money.

Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals.

Officials, scrambling for solutions, have considered dipping into funds that are supposed to be for Greece’s troubled banks. Some are even suggesting doling out i.o.u.’s.

Greek leaders said that despite their latest bailout of 130 billion euros, or $161.7 billion, they face a shortfall of 1.7 billion euros because tax revenue and other sources of potential income are drying up. A wrenching recession and harsh budget cuts have left businesses and individuals with less and less to give for taxes — and growing incentive to avoid paying what they owe.

[jpbollma]

1. Wow

That will go over like a lead balloon.

[librechik]

2. But the cheating lying robbing banks must get their share FIRST

since no one will prosecute them for their crimes against society.

[dipsydoodle]

3. Revenues drying up

Income from tourism is already down 15% and that is / was one of their main sources of income.

Annual income twenty pounds annual expenditure nineteen pounds nineteen shillings and sixpence result happiness. Annual income twenty pounds annual expenditure twenty pounds and sixpence result misery..........Mr Micawber.