Monday, October 3, 2011

Greece Will Miss Its Deficit Target


The Greek government acknowledged Sunday that it will miss its deficit target this year, as it moved ahead with a plan to slash thousands of public-sector jobs to meet the demands of international creditors, according to the Wall St Journal.

Greece also has agreed to take some €6.6 billion ($8.8 billion) in new austerity measures in 2011 and 2012 to bring its budget back on track, but some economists warned that additional cuts will further weigh on the country's growth.

The Greek government called an extraordinary cabinet meeting Sunday to approve the 2012 draft budget as well as the job-cut plan, following three days of talks ...
The country's deficit this year is expected to reach 8.5 percent of gross domestic product, or euro18.69 billion ($25.2 billion) -- higher than the targeted euro17.1 billion ($23.1 billion), which would have been 7.8 percent of GDP, the ministry said...

Find out more at http://online.wsj.com/article/SB10001424052970204612504576606722182855778.html?mod=WSJ_hp_LEFTWhatsNewsCollection

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