Wall Street Journal
October 12, 2011
Greece's budget deficit for the first nine months of 2011 widened 15.1% from a year earlier, as revenues continued to fall despite the government's austerity cuts to spending.
In a statement, the finance ministry said the deficit for January to September increased to €19.1 billion ($26.05 billion), from €16.6 billion a year earlier, because of a drop in revenue.
The government admitted earlier this month that it will miss its budget deficit target of 7.8% of gross domestic product for this year, forecasting instead a shortfall of 8.5% of GDP, or around €18.69 billion.
Representatives from the International Monetary Fund, the European Commission and the European Central Bank, who wound up their fifth review of the Greek economy on Tuesday, expect the country's 2011 deficit to reach 9% of GDP.
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