By Yuri Biondi, includes “This analysis has cast doubts on wishful thinking concerning a balance sheet approach to public sector accounting. This doubt-casting was illustrated regarding meaning of public deficit on accruals basis and nature of public borrowing that is employed in view of its redistribution; the strange case of public administration paying tax to itself on employees’ remunerations and benefits; accounting for provisions on future employees benefits; and measurements of public deficit and debt in excessive deficit procedure applied to European Union Member States.”
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