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According to Eurostat, the EU statistical service, tax payments in absolute terms, kept rising in the Eurozone after 2009 and surpassed the pre-crisis levels in 2011. Given that all along this period most of the euro area member states applied austerity measures, by cutting social spending, it is common knowledge by now that the extra government income was used to support the banking sector. Practically all Eurozone governments were forced during this period to save all and every Eurozone banking firm from its sins.

Eurostat also observes that, “the proportional increase in tax revenues was higher than the proportional increase in Gross Domestic Product, which has also resulted in an increase in the tax revenue to GDP ratio in both the EU and the euro area”. Unfortunately it was not only that. Apart from the extra tax revenues used to bailout the financial sector, Eurozone governments were forced to borrow…

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