November 15, 2010
The Greek government Monday vowed to press ahead with tough fiscal action despite an upward revision in its 2009 deficit by the European Union's statistics agency.
In a statement following the release of Eurostat's revised data, the finance ministry said Greece had already surpassed its 2010 budget goals by shrinking its deficit to 9.4% of gross domestic product this year. It also reaffirmed its plan to cut the deficit to below 3% of GDP by 2014, in line with its agreement with international lenders.
Eurostat earlier Monday said Greece's budget deficit in 2009 reached 15.4% of GDP, nearly two percentage points higher than previously forecast.
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