Loukas Yiorkas - Watch My Dance - Greece Semi Final Eurovision 2011

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I support the pitosion that we should rely more on spending cuts than increased tax revenues, because, among other things, what our public sector has been proven deplorably incapable of, is spending wisely. So increasing tax revenues increases the risk of renewed fiscal waste, let alone the low probability of achieving the set targets. That there are hard macro-data indicators to back this up, it's a good thing.But spending cuts need to be not just decided, but planned.For example, nobody really knows if the public sector employees more people than it needs to (given the current bundle of services), because there are spectacular personnel surpluses in some dpts and spectacular personnel shortages in other dpts.More over, we need a society-wide consensus on what the level of wages in the public sector should be relative to the private sector. My pitosion is that public sector wages should systematically trail private sector wages by a margin that would reflect the risk of employment fluctuations and unemployment that employees in the private sector bear, and which, by social design, is essentially absent in the public sector. In other words, for comparable efficiency/accountability strata, lifetime income in the public sector should be equal to the expected lifetime income in the private sector given the probability of unemployment spells, .Finally, before we initiate cuts across-the-board, risking low-quality due to underfunding in all areas of public services, perhaps we should choose to shed completely some services in order to preserve and increase quality in the indisputable (like law, order, and external safety) and core social ones, like education and health.Alecos PapadopoulosEconomist