According to an official announcement issued on January 10 by the Ministry of Finance, Greece has beaten budget and primary deficit targets for 2012.

The data indicate a state budget deficit of €15.908 billion, compared to a target of €16.312 billion deficit. The report on government budget execution also showed a primary deficit of €3,684 billion, as opposed to a target of €4.577 billion.

Compared to the previous year, the budget deficit fell by €6.866 billion, while the primary deficit is also lower by €2.742 billion, with the state budget balance shrinking by 30.1% compared to 2011.This was due to drastic expenditure cutbacks, which counterbalanced a shortfall in revenues attributed to the reduced inflow of funds from the EU toward the Public Investment Programme.

State budget spending was €355 million lower compared to the target fixed in the national budget.

In a related development, Haris Theoharis head of Finance ministry’s General Secretariat of Information Systems was also appointed to the post of permanent a General Secretary for state revenues, it was announced on January 9.

Ministry of Finance: Announcement on 2012 Budget Execution (in Greek) & Report on 12-month Budget Execution (in Greek); Greek News Agenda: Primary Budget Record Surplus

• Outgoing Eurogroup President Expresses Support for Greece

Appearing before the European Parliament’s Economic and Monetary affairs committee for the last time, before he steps down as president of the Eurogroup, Luxembourg Prime Minister, Jean-Claude Juncker expressed his contentment that fractures in the eurozone have been avoided. Juncker also lampasted "futurologists" who had predicted Greece’s exit from the single currency.

He praised the Greek government for its progress over the last few months and scolded those who ignore all that Greece and the Greeks have offered Europe. "For me, the EU and the eurozone would be incomplete without Greece," stated Juncker, adding that "I will support this country until the end. I am a friend of the Greeks."