Greece manages cutting budget deficit in I half

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21.07.2012, 12:16

The Greek Finance Ministry said Friday it had managed to reduce the budget deficit within the terms defined by lenders.

Greece manages cutting budget deficit in I half

YEREVAN, July 21. /ARKA/. The Greek Finance Ministry said Friday it had managed to reduce the budget deficit within the terms defined by lenders.

According to the Ministry, the state budget deficit was 12.5 billion euros against 14.9 billion euros that was projected by the memorandum with the creditors from the EU and IMF. Primary deficit, which does not include payments on debt was 3.3 billion euros against “allowed” 5.3 billion euros. Along with that, revenue dropped lower than was planned with the creditors, not gaining 1.5 billion euros to reach the forecasted 24.7 billion euros. Expenses remained unchanged.

Budget deficit in 2011 was 9.1% of GDP, and this year the government pledged to cut it to 7.3% of GDP. However, deeper than expected recession creates obstacles for that. -0-

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