Compare and contrast :

The BBC reports on the implementation of austerity measures in Greece :

The Greek government has approved a new package of tax increases and spending cuts to save 4.8bn euros ($6.5bn; £4.4bn) and ease its budget crisis.

The measures include rises in sales taxes, a cut in holiday bonuses paid to civil servants, and a pensions freeze.

All very sober and sensible.

I much prefer the Zero Hedge version of the same story :

An hour ago Moody’s was praising new Greek initiatives to increase the retirement age to 100, decrease wages by 100% and mortgage the Acropolis

Whilst obviously tongue in cheek, the latter set of measures would probably get very much the same reaction that the former are receiving – again from the BBC :

Thousands of Greeks have rallied against deficit-cutting measures during a national public sector strike.

Flights have been grounded, many schools are closed and hospitals are operating an emergency-only service.

…

The rallies have been mainly peaceful, but in one incident police fired tear gas at rubbish collectors who tried to drive through a police cordon.

That’s going really well then!

It would seem that one of the bigger problems in all this is that whilst the government are pushing ahead with tax rises, Greece has a long history of tax avoidance. From an interesting article at Here is the city news :

Did you know that in a country of 4 million people there are, according to the BBC, only 15,000 registered with the tax authorities as earning over 100,000 Euros per annum ? And did you know that most Greek people pay for surgery with cash, and not by credit card because the surgeons won’t accept them ? No Amex or Diner’s Club there. Cash’ll do nicely! And did you also have any idea that individuals and businesses are allegedly often obliged to tip the tax inspector up to 10,000 euros for him to look the other way and not inspect their books properly ?

It would seem quite likely that Greek tax avoidance will rise at the same rate as the taxes themselves.