- By Andrew SwiftAndrew Swift is an editorial researcher at Foreign Policy.
Greece’s latest deficit-cutting measures may help the country escape its debt crisis, but higher taxes and wage cuts will be a hardship for many Greek citizens, who already are the most likely in Europe to report problems paying their bills.
Fully fifty-seven percent of Greeks answered that they are “Constantly struggling and have fallen behind with some/many bills.” This number is twelve percent higher than the three runners-up, Latvia, Bulgaria, and Cyprus. Furthermore, forty-three percent of Greeks claimed that though they had no problems paying bills in 2008, they had begun having problems in 2009 and expected them to continue in 2010 — a number also twelve percent higher than the E.U. average of 31 percent.
It looks like this big, fat Greek economic collapse will last well into the future.