Trust the Greeks to come up with such ideas – counting the ‘productive’ work of prostitutes towards their GDP. I hear their next idea is to add extra-marital affairs at office as 'productive' work & allow compensatory 'off' for that. LOL.
And the European Union is going to 'audit' the figures. (2 x LOL).
What a bunch of buffoons. If these are the ways they manage the country, I would not be surprised to see them in debt very soon.
P.S.: Johnny Wiseguy asks "What about terrorists? Does what they do count too, toward GDP?"
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Greek economy up 25% - with a little help from prostitutes
Nicholas Watt in Brussels Saturday September 30, 2006 The Guardian
Greece, whose ancient civilisation introduced the world to high class prostitutes in the 6th century BC, has announced that its economy is 25% bigger than thought thanks, to the round-the-clock duties of the country's prostitutes, who were known as hetairai in ancient times.
"The revised GDP will include some money from illegal activities, such as money from cigarette and drinks smuggling, prostitution and money laundering." Greece's economic output was €180bn in 2005 and is expected to rise to €194bn this year. The black economy is estimated at up to €60bn.
The new figures are the result of Greece's determination to avoid a ticking off from the EU, which has the right to impose hefty fines on a eurozone country if its budget deficit rises above 3% of GDP. By boosting the size of its economy the Greek deficit will fall from 2.1% to 1.9%. Without it would have fallen from 2.6% to 2.4%.
Joaquim Almunia, the European monetary affairs commissioner, is said to be wary of Greece's action. His spokesman said yesterday that the new figures would need to be examined by Eurostat, the EU's statistics agency. In 1981, Athens famously used false statistics to meet the Maastricht criteria, thereby allowing it to join the euro.
And the European Union is going to 'audit' the figures. (2 x LOL).
What a bunch of buffoons. If these are the ways they manage the country, I would not be surprised to see them in debt very soon.
P.S.: Johnny Wiseguy asks "What about terrorists? Does what they do count too, toward GDP?"
------------------------------
Greek economy up 25% - with a little help from prostitutes
Nicholas Watt in Brussels Saturday September 30, 2006 The Guardian
Greece, whose ancient civilisation introduced the world to high class prostitutes in the 6th century BC, has announced that its economy is 25% bigger than thought thanks, to the round-the-clock duties of the country's prostitutes, who were known as hetairai in ancient times.
"The revised GDP will include some money from illegal activities, such as money from cigarette and drinks smuggling, prostitution and money laundering." Greece's economic output was €180bn in 2005 and is expected to rise to €194bn this year. The black economy is estimated at up to €60bn.
The new figures are the result of Greece's determination to avoid a ticking off from the EU, which has the right to impose hefty fines on a eurozone country if its budget deficit rises above 3% of GDP. By boosting the size of its economy the Greek deficit will fall from 2.1% to 1.9%. Without it would have fallen from 2.6% to 2.4%.
Joaquim Almunia, the European monetary affairs commissioner, is said to be wary of Greece's action. His spokesman said yesterday that the new figures would need to be examined by Eurostat, the EU's statistics agency. In 1981, Athens famously used false statistics to meet the Maastricht criteria, thereby allowing it to join the euro.
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