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Greece missed its deficit target for 2010 – but not much :)

The Greek government has narrowly missed its deficit target for 2010, reporting a shortfall of  23.1 billion  euros for the year.

The figure was announced by the Finance Ministry’s General Accounting Office on Tuesday, compared with the €21.9 billion  target included in this year’s state budget. The agency said the final figure will be adjusted to fully comply with the European Union accounting standard.

According to the report, the outstanding debt of government ministries and the country’s regions totalled 832.53 million euros at the end of 2010, up from 718.21 million euros in November 30 and 621 million euros in October 31, 2010. 
The report attributed this increase to a change in the way these debts were recorded.
 
Of the total 832.53 million euros of outstanding debt, 435.5 million covered the public investments programme and 397 million euros the regular budget.
 
Legal entities’ debt to third parties totalled 4.520 billion euros, of which 551.9 million were local government organisations, 2.225 billion euros were hospitals, 1.583 billion were social insurance organisations and 159.4 million euros other legal entities. Legal entities’ total debt obligation to third parties totalled 8.6 billion euros, while the general government’s deficit totalled 23.1 billion euros in 2010. 

The reduction from a deficit of €36.2 billion ($50.3 billion) — or 15.4 percent of GDP — in 2009 was achieved following drastic austerity measures imposed in exchange for €110 billion in international bailout loans over 2010-2013.

Source: Athens News Agency

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