Greece increases taxes, lowers spending

In its efforts to stave off further reductions in the ratings on its credibility as a debtor, and stabilize its finances going forward, the government of Greece has voted to reduce its spending, and increase taxes (specifically a 90% tax on bonuses for bankers).
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Greece vows to reduce deficit

According to the BBC, Greece has unveiled major spending cuts. In my commentary below, I hypothesize a way to calculate a “future going burden” for countries based on data in the BBC article (i.e. based on debt as a percentage of GDP and deficit as a percentage of GDP).
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News: Iceland’s interest is 11%

The Globe and Mail’s Report on Business highlights the telling difference between those that succumb to sovereign insolvency and those who can afford to stave it off – While America, Canada, and most of Europe have near-zero central bank interest rates, Iceland’s interest rate is down from a whopping 18% to a hardly paltry 11%.
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