What is the meaning of fiscal sovereignty for Greece
Welcoming the New Year, the Weekly Bulletin of the Hellenic Federation of Enterprises, thinks that 2017 may a well prove an "annus mirabilis" or an "annus horribilis" for Greece, its people and the Geek economy.
This may sound less-than-inspiring as a position. But delving deeper into the Union's analysis one finds that it is grounded in the consideration that "were the current situation, of the country's guardianship at the hands of foreign technocrats to be perpetuated, then its participation to the E.U. will either remain a fiction, or will end in withdrawal from the Union".
But what is the exact meaning of the Federation's dictum? It would seem that "the restoration of fiscal sovereignty" is the prerequisite for a turnaround of the current situation; which , in turn, would mean that the mix of fiscal policy applied should change drastically, with less of tax burden to consistent taxpayers and well-organised businesses plus spending cuts as well better productivity in the public sector.
It is interesting to note that this loud bell the Federation of Hellenic Enterprises decided to sound co-incides will opinion polls showing that Greeks get steadily estranged from the feeling that belonging to the Eurozone (or even to the EU...) is "a good thing".
Not an easy, nor a nice situation.