Almost exactly ten years ago, the Greek Prime Minister at the time admitted that his statisticians had “miscalculated.” In October 2009, he confessed that his country’s budget deficit was not 3.7% of GDP, as it had been previously stated, but a staggering 12.7%. In reality, at 15.1%, the deficit turned out to be even higher. That was the beginning of the Greek crisis, which shook the euro to its foundations. Only three months ago, Athens was released from the adjustment program and is now on its own again when seeking funding. Handover to Italy Now we have the Italian crisis. It is still relatively young. It came ... (full story)