--- title: "Meaning & Key Takeaway of: Greece's unprecedented fiscal effort…" description: "\"Greece's unprecedented fiscal effort, which was more than planned, has triggered much larger contractions of economic activity and the tax base than th..." image: "https://sms4smile.com/quotes/i/a00/charles-dallara-19004_economic_greece-s-unprecedented-fiscal-effort-whi_2322602.jpg" --- # Greece's unprecedented fiscal effort, which was more than… ![“Greece's unprecedented fiscal effort, which was more than planned, has triggered much larger contractions of economic activity and the tax base than the original program had assumed.” quote by Charles Dallara](https://sms4smile.com/quotes/i/a00/charles-dallara-19004_economic_greece-s-unprecedented-fiscal-effort-whi_2322602.jpg) [Download](https://sms4smile.com/quotes/i/a00/charles-dallara-19004_economic_greece-s-unprecedented-fiscal-effort-whi_2322602.jpg) [Open image](https://sms4smile.com/quotes/i/a00/charles-dallara-19004_economic_greece-s-unprecedented-fiscal-effort-whi_2322602.jpg) > “Greece's unprecedented fiscal effort, which was more than planned, has triggered much larger contractions of economic activity and the tax base than the original program had assumed.” [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Over‑spending on fiscal stimulus caused larger economic slowdown than expected. **In simple terms:** Excessive stimulus led to bigger contraction. Key Takeaway Balance stimulus with realistic expectations. Themes economics fiscal policy inflation growth policy risk Mood analytical cautious Type policy economic When to use this quote - government budgeting - macro‑economic planning - public finance Key Concepts multiplier effect budget constraints tax base erosion Questions to Reflect On - What safeguards can prevent over‑stimulus? - How to model realistic fiscal impacts? A Different Perspective Assumes linear response to spending. ★ ★ ★ ★ ★ No ratings yet [Contractions Economic](https://sms4smile.com/quotes/about/contractions-economic-5557922/) [Economic](https://sms4smile.com/quotes/about/economic/) [Economic activity](https://sms4smile.com/quotes/about/economic-activity/) [Effort](https://sms4smile.com/quotes/about/effort/) [Fiscal Effort](https://sms4smile.com/quotes/about/fiscal-effort-5557921/) [Greece](https://sms4smile.com/quotes/about/greece/) [Greece Unprecedented](https://sms4smile.com/quotes/about/greece-unprecedented-5557920/) [More](https://sms4smile.com/quotes/about/more/) [Tax](https://sms4smile.com/quotes/about/tax/) [Unprecedented Fiscal](https://sms4smile.com/quotes/about/unprecedented-fiscal-5557919/) ## Related quotes > [Observers and even some officials raise questions about the future of Greece as part of the Eurozone, while the Eurozone itself struggles to deal…](https://sms4smile.com/quotes/charles-dallara/observers-and-even-some-officials-raise-questions-about-the-future-of/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [It was very important for us to hear that both European governments and the IMF are going to sustain and augment their commitment to…](https://sms4smile.com/quotes/charles-dallara/it-was-very-important-for-us-to-hear-that-both-european-governments/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [I had the privilege of living in Greece in the early 1970s.](https://sms4smile.com/quotes/charles-dallara/i-had-the-privilege-of-living-in-greece-in-the-early-1970s/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [Lawmakers have good reason to want a healthy broadcast industry. Broadcast TV stations provide more than 186,000 jobs on an annual basis, which directly…](https://sms4smile.com/quotes/gordon-smith/lawmakers-have-good-reason-to-want-a-healthy-broadcast-industry/) [Gordon Smith](https://sms4smile.com/quotes/author/gordon-smith/) > [It would be helpful if someone would lay out exactly the economic mechanism that gets us from yet lower interest rates to actual economic…](https://sms4smile.com/quotes/jerry-a-webman/it-would-be-helpful-if-someone-would-lay-out-exactly-the-economic/) [Jerry A. Webman](https://sms4smile.com/quotes/author/jerry-a-webman/) > [“Before these changes in policy the economic activity rates for both men and women had been recorded as equal at about 98%; now only…](https://sms4smile.com/quotes/gabrielle-palmer/before-these-changes-in-policy-the-economic-activity-rates-for-both/) [Gabrielle Palmer](https://sms4smile.com/quotes/author/gabrielle-palmer/) > [Without speculation there can be no economic activity reaching beyond the immediate present.](https://sms4smile.com/quotes/ludwig-von-mises/without-speculation-there-can-be-no-economic-activity-reaching-beyond/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [We all pay federal taxes that we send to Washington and it is not unusual that as Americans we would expect some federal investment…](https://sms4smile.com/quotes/michael-nutter/we-all-pay-federal-taxes-that-we-send-to-washington-and-it-is-not/) [Michael Nutter](https://sms4smile.com/quotes/author/michael-nutter/) > [What a sound money system does is to stabilize all the elements in it, and reduces the uncertainty that people confront. And the one…](https://sms4smile.com/quotes/alan-greenspan/what-a-sound-money-system-does-is-to-stabilize-all-the-elements-in-it/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [Capitalism is the best way of organizing economic activity for a lot of reasons. It unlocks a higher fraction of human potential, it balances…](https://sms4smile.com/quotes/al-gore/capitalism-is-the-best-way-of-organizing-economic-activity-for-a-lot/) [Al Gore](https://sms4smile.com/quotes/author/al-gore/) > [Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity.](https://sms4smile.com/quotes/eugene-fama/debates-go-on-to-this-day-about-what-caused-the-great-depression/) [Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/) > [Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And…](https://sms4smile.com/quotes/sam-zell/interest-rates-are-going-to-go-up-because-employment-is-going-to-go/) [Sam Zell](https://sms4smile.com/quotes/author/sam-zell/) > [Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few…](https://sms4smile.com/quotes/john-f-kennedy/lower-rates-of-taxation-will-stimulate-economic-activity-and-so-raise/) [John F. Kennedy](https://sms4smile.com/quotes/author/john-f-kennedy/) > [Profit is the sole criterion used by the establishment to evaluate economic activity. From the rat race to lame ducks. The vocabulary in vogue…](https://sms4smile.com/quotes/jimmy-reid/profit-is-the-sole-criterion-used-by-the-establishment-to-evaluate/) [Jimmy Reid](https://sms4smile.com/quotes/author/jimmy-reid/) > [Agriculture is one economic activity that does not obey the laws of demand and supply.](https://sms4smile.com/quotes/john-kenneth-galbraith/agriculture-is-one-economic-activity-that-does-not-obey-the-laws-of/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) ## More by Charles Dallara > [A core group of the world's leading economies need to come together and hammer out an understanding.](https://sms4smile.com/quotes/charles-dallara/a-core-group-of-the-world-s-leading-economies-need-to-come-together/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [The Germans argue - and I can fully understand them - that the euro countries must surrender their sovereignty, because that is the only…](https://sms4smile.com/quotes/charles-dallara/the-germans-argue-and-i-can-fully-understand-them-that-the-euro/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [How can the United States preserve its financial and security leadership role when it conducts itself with such ineptitude and such disregard for the…](https://sms4smile.com/quotes/charles-dallara/how-can-the-united-states-preserve-its-financial-and-security/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out…](https://sms4smile.com/quotes/charles-dallara/the-emphasis-so-far-on-fiscal-austerity-while-to-a-degree-necessary/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [If the official community is interested in asking the private sector to take another look at Greece, then it will have to be only…](https://sms4smile.com/quotes/charles-dallara/if-the-official-community-is-interested-in-asking-the-private-sector/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [I had the privilege of living in Greece in the early 1970s.](https://sms4smile.com/quotes/charles-dallara/i-had-the-privilege-of-living-in-greece-in-the-early-1970s/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [2005 is highly likely to be a more challenging environment, both for policymakers and investors.](https://sms4smile.com/quotes/charles-dallara/2005-is-highly-likely-to-be-a-more-challenging-environment-both-for/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [When you inject capital into the parent, it may or may not benefit the subsidiary.](https://sms4smile.com/quotes/charles-dallara/when-you-inject-capital-into-the-parent-it-may-or-may-not-benefit-the/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [I think Putin will have to find a way to signal, even if it's a modest signal, an openness to dialogue.](https://sms4smile.com/quotes/charles-dallara/i-think-putin-will-have-to-find-a-way-to-signal-even-if-it-s-a-modest/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [If you step back and think about it, just a little over two years ago, in 2009, it was not surprising at all to…](https://sms4smile.com/quotes/charles-dallara/if-you-step-back-and-think-about-it-just-a-little-over-two-years-ago/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [It was very important for us to hear that both European governments and the IMF are going to sustain and augment their commitment to…](https://sms4smile.com/quotes/charles-dallara/it-was-very-important-for-us-to-hear-that-both-european-governments/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [I think that it would be a mistake for any institution to think that their stake in a default or in a voluntary accord…](https://sms4smile.com/quotes/charles-dallara/i-think-that-it-would-be-a-mistake-for-any-institution-to-think-that/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and…](https://sms4smile.com/quotes/charles-dallara/it-is-time-to-recognise-that-austerity-alone-condemns-not-just-greece/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [Unfortunately, I think we could see that fairly early in 2015: The cloud of economic weakness in Russia is spreading over Europe. It has…](https://sms4smile.com/quotes/charles-dallara/unfortunately-i-think-we-could-see-that-fairly-early-in-2015-the/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [It is certainly possible that the Greek economy can revive and achieve some growth over the years ahead.](https://sms4smile.com/quotes/charles-dallara/it-is-certainly-possible-that-the-greek-economy-can-revive-and/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) [Explore all 33 Charles Dallara quotes ](https://sms4smile.com/quotes/author/charles-dallara/) ## More Economic quotes > [It makes no sense to talk of the social obligations of the corporation without reference to its economic obligations. The two are intertwined.](https://sms4smile.com/quotes/lee-r-raymond/it-makes-no-sense-to-talk-of-the-social-obligations-of-the/) [Lee R. 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Parents who have little support--from friends, relatives, neighbors, or…](https://sms4smile.com/quotes/sheila-kamerman/parents-who-are-stressed-or-disturbed-will-have-more-difficulty-in/) [Sheila Kamerman](https://sms4smile.com/quotes/author/sheila-kamerman/) > [ Just between you and me, shouldn’t the World Bank be encouraging MORE migration of the dirty industries to the LDCs \[Less Developed Countries\]?... 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But the differences between us and…](https://sms4smile.com/quotes/richard-g-wilkinson/the-average-well-being-of-our-societies-is-not-dependent-any-longer/) [Richard G. Wilkinson](https://sms4smile.com/quotes/author/richard-g-wilkinson/) > [Fossil fuels, including oil, are running out and supplies are getting harder to find. If we do nothing, prices will continue to rise and…](https://sms4smile.com/quotes/lucy-powell/fossil-fuels-including-oil-are-running-out-and-supplies-are-getting/) [Lucy Powell](https://sms4smile.com/quotes/author/lucy-powell/) > [Both fact and logic seem to me to support the view that savings invested in privately owned economic tools of production amount to an…](https://sms4smile.com/quotes/f-a-harper/both-fact-and-logic-seem-to-me-to-support-the-view-that-savings/) [F. A. Harper](https://sms4smile.com/quotes/author/f-a-harper/) > [Business school graduates from the best schools earn large salaries and frequently rise to positions of great power. 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