July 11, 2011
A deeper-than-expected recession caused Greece's central government deficit to widen by almost one third in the first half of the year, widely missing an interim budget target under the country's bailout plan, the finance ministry said on Monday.
Budget slippages amid the recession caused the government last month to agree even harsher austerity measures in a bid to qualify for its second EU/IMF rescue package in one year.
"The current shortfall of revenues is expected to be covered in the second half of the year, as a result of the tax measures of the 2011-2015 mid-term budget plan," said the finance ministry.
The central government deficit stood at 12.78 billion euros ($18.28 billion) between January and June, higher than a 10.37 billion euro target for the period, the government said in a statement.
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