Tax Anticipation Notes: A Timely Alternative Financing Instrument for Greece

By Robert Parenteau
Editor’s note: This idea was recently endorsed by Wolfgang Munchau in the Financial Times as a means of sustaining fiscal expenditure despite the present standoff in Greek negotiations with the economic group formerly known as the Troika. The use of tax anticipation notes as Greek local scrip to give Greece greater fiscal space was last mentioned on this site by the author of this essay in December 2013.
The recent election of an explicitly anti-austerity party in Greece has upset the prevailing policy consensus in the eurozone, and raised a number of issues that have remained ignored or suppressed in policy circles. Expansionary fiscal consolidations have proven largely elusive. The difficulty of achieving GDP growth while reaching primary fiscal surplus targets...


As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.

Click here to join. Your readership is greatly appreciated!

Registered users can log in by entering details here or below.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More