Fiscal Cliff = Greek Austerity?
I would be willing to bet that both political parties will repeat the kabuki dance of last summer, and avoid the impending fiscal cliff at the last minute. Left unfettered, it would increase the income tax and cut fiscal spending. Funny, that sounds eerily like the austerity package to close her budget deficit that EU/ECB/IMF have imposed upon Greece as a condition of financial rescue.
How is it working for Greece? This a quote from Bloomberg: Samaras/Greece is talking to Juncker/ECB,
Greece stands by its commitments even after the economy contracted by a fifth over the past three years, the standard of living dropped by a third, pensioners lost a fifth of their incomes and half the country's youth is unemployed, he said.