Greece's state budget deficit shrank by 38.7% in the period January-May 2010, compared with the corresponding period last year, a performance exceeding targets set by the Stability and Growth Programme, according to an official announcement by the Finance ministry issued on June 21.

The budget deficit fell to € 8,978 billion in the five-month period, from €14,655 billion last year - a decline of 38.7%. The country's updated Stability and Growth programme envisages a decline of 35.1%, according to the announcement.

Ministry of Finance: Update of the Hellenic Stability and Growth Programme (January 2010) & Hellenic Stability & Growth Programme Newsletter (June 2010)