After being re-calculated, Greece is unfortunately seeing a higher budget deficit from 13.6% to 15.4%. Due to this, the deficit cut has also been changed to 9.7% instead of the intended 7.8%.
Against worker's wishes, Athens is reducing the deficit through austerity measures.
"The Greek government is also being visited by EU and International Monetary Fund officials on Monday, who will decide whether to release more funds."
Their situation is so bad that they might have to request for more time before they start paying back aid money said the Prime Minister. The deficit was revised because there was a decrease in the calculated growth rate that year, an adjustment of social security funds, and by adding data from certain public sector bodies into the general government figures.
The only positive sign right now for Greece is that the contraction rate of the economy has declined.
1 comment:
With the current situation in Portugal and Ireland, I wonder how muh more the EU will help Greece after the initial bailout.
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