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September 21, 2017
Monday, October 17, 2011

Greek deficit revised up to 10.6% of GDP

Greece faces a crucial test this week, when much of the country is expected to be shut down by a 48-hour strike reaching a peak on Thursday as parliament votes on a sweeping package of austerity measures.
Greece's budget deficit reached 10.6 percent of GDP in 2010, the country's statistics office said today, revising the data slightly up from a previous estimate of 10.5 percent of GDP.

Greece faces a crucial test this week, when much of the country is expected to be shut down by a 48-hour strike reaching a peak next Thursday as parliament votes on a sweeping package of austerity measures demanded by international lenders.

"According to provisional source data, the deficit of the general government for 2010 ... is estimated at 24.1 billion euros (10.6 percent of Gross Domestic Product)," the office said in a statement.

The statistics office also revised the 2010 general government debt figure to 144.9 percent of GDP from 142.8 percent of GDP.

Greece's two main unions, representing about half the four million-strong workforce, have promised one of the biggest strikes since the crisis began two years ago, hitting food and fuel supplies, disrupting transport and leaving hospitals run by skeleton staff.

Prime Minister George Papandreou, trailing badly in opinion polls, has defied the protests, pledging to push through a deeply unpopular package that includes tax rises, pay and pension cuts, job layoffs and changes to collective pay deals.

 

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Tags:  Greece  Austerity  George Papandreou  Merkel  lenders  bailout  clashes  strike  





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