Greece reports higher budget deficit for 2010

11:01, April 27, 2011      

Email | Print | Subscribe | Comments | Forum 

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
BRICS Leaders Meeting 2011
Japan in aftershocks
  Weekly review  
April 20   Beijing-Shanghai high-speed rail to remove luxury seats
April 18   China undergoing shift into nation of consumers
April 18   Zhejiang checks food, raids illegal bun makers
April 19   SASS: Chinese students mentally healthier than Asian peers
April 23   The week in pictures
April 19   Build legal bulwark against moral decline
April 21   'China model' 30 years on: from home to abroad
April 21   Piano student's bloody crime heart-wrenching in China
April 18   China places firmer lid on home prices
April 19   China puts brake on economic bullet train


  • Do you have anything to say?


Special Coverage
  • BRICS Leaders' Meeting 2011
  • Focus On China
Major headlines
Editor's Pick
  • Ecuador's Tungurahua Volcano spews ash
  • PLA Hong Kong Garrison to open to public on May 1-2
  • Spectacular solar halo appeared in Guizhou
  • Guizhou girl designs tea set for Prince William's wedding
  • PLA reserve force Type 07 uniform makes debut in Beijing
  • French street art group debuts in Beijing
Hot Forum Dicussion