Greek public deficit reaches 10.5% of GDP

| April 26, 2011 | 0 Comments
Greek public deficit reaches 10.5% of GDP

According to statistics agency Eurostat, Greece’s public deficit reached 10.5% of GDP at the end of 2010 – higher than the 9.5% forecast.

The Greek finance ministry has previously attributed the larger deficit to a deeper than expected recession, which cut into tax revenues and social security contributions.

The figures suggest the country continues to battle with high levels of debt and the figure remains well in excess of the 3% of GDP, in accordance with EU rules.

Athens has pledged to get its deficit below the 3% by 2014.

Greece was forced to seek an €110,000 bailout last year in return for agreeing to reduce public spending to trim the deficit.

However, this met with strong opposition from unions and several strikes took place last year with some of the protests turning out to be violent.

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