Greece reports higher budget deficit for 2010

11:01, April 27, 2011      

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The Greek budget deficit for 2010 was 10.5 percent of the gross domestic product (GDP), higher than earlier estimates, the Greek Statistics Agency said Tuesday.

The Greek government had initially estimated a 9.4-percent deficit for 2010 and expressed confidence that the Stability and Growth program launched last year to tackle the severe debt crisis was on the right track.

But the Greek Statistics Agency reviewed figures and informed the Europe statistics office Eurostat of the final percentage of the budget deficit. Meanwhile, public debt increased to 142.8 percent of GDP.

Greek media commented that the revised budget deficit will certainly add more pressure to the government to take supplementary measures in the coming weeks to safeguard the success of efforts to solve the crisis by 2014.

Last spring, debt-ridden Greece pledged to make all necessary efforts, through austerity and reform policies, to slash the budget deficit, which stood at 15.4 percent of GDP in 2009, to less than 3 percent in 2013.

By this promise Athens secured a multi-billion euro aid package from the European Union and International Monetary Fund (IMF) and escaped default. Despite progress, some targets have not been fully met.

Therefore, the Greek government plans to announce a new package of policies in May when representatives of the EU and IMF are expected in Athens for the regular audit of figures, before the release of the next tranche of aid.

Source: Xinhua
 
 
     
 
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(Editor:张茜)

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