Greece misses EU and IMF deficit targets

The Greek Finance Ministry on Sunday said the country will miss both 2011 and 2012 budget deficit targets that were set by the European Union and International Monetary Fund (IMF).

Greece announced late Sunday that its budget deficit will reach 8.5 percent of gross domestic product (GDP) this year, below the initial target of 7.6 percent.

According to a statement issued by the Finance Ministry, Greece will manage to bring the budget deficit down to 6.8 per cent of GDP next year, but it will still miss the bailout target of 6.5 per cent of GDP.   Read More

Posted in: News