Tuesday, September 21, 2010
Greece's budget gap shrank 32.3% in the first eight months of the year, exceeding the government’s 26.5% target for the same period, the Finance Ministry announced on Monday, as cuts in state wages and pensions offset slower-than forecast increases in revenue. The deficit, which does not include spending by state-owned institutions and companies, contracted to €14.5 billion from €21.4 billion a year earlier. The government is targeting an annual decline of 39%.
See also Bloomberg Businessweek: Greece Aims for Return to Bond Market as Budget Deficit Shrinks
