November 11, 2010
Greece's 2010 budget gap is expected to reach 9.3% of gross domestic product, well above the country's forecast, forcing the government to implement further spending cuts to bring its fiscal-tightening plan back on track, a senior government official said Thursday.
The official also said Greece's budget deficit last year is expected to be revised sharply higher, to more than 15% of GDP, up from the current estimate of 13.8%. "We now expect the budget deficit for this year [to be] at about 9.3% and the revised 2009 figure will likely be above 15%," the official said. "This means extra measures will have to be taken, but it will be slashing spending rather than new taxes or reducing salaries."
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