Greece's budget deficit swells
By Pan Pylas |
April 23, 2010, Friday
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Print Edition
Print Edition
FINANCIALLY-STRICKEN Greece had an even bigger budget deficit for 2009 than previously thought, official figures showed yesterday - at a time the country is considering whether to tap a bailout facility from its 15 partners in the eurozone and the International Monetary Fund.
The European Union's statistics office, Eurostat, said that Greece's budget deficit in 2009 as a percentage of economic output was 13.6 percent - that's up from the previous estimate of 12.9 percent and nearly double the 7.7 percent recorded in 2008.
Greece's government total debt as a proportion of gross domestic product stands at a massive 115.1 percent, a burden so large that some analysts think it will have trouble paying it over coming years even if a bailout saves Athens from default this year.
Eurostat also warned that the Greek figures may actually be even worse, citing "uncertainties" over the figures related to social security funds and the recording of complex financial swap arrangements.
"Following completion of the investigations that Eurostat is undertaking on these issues in cooperation with the Greek statistical authorities, this could lead to a revision for the year 2009 of the order of 0.3 to 0.5 percentage points of GDP for the deficit and 5 to 7 percentage points of GDP for the debt," Eurostat said.
Greece began talks on Wednesday with the IMF, the European Central Bank and the European Commission on details of a rescue package to deal with its debt crisis.
The talks are expected to last at least 10 days and are set to focus on the terms and conditions of the joint eurozone-IMF bailout plan agreed in Brussels earlier this month so the package can be activated quickly if Greece requests the aid.
Eurozone countries have pledged 30 billion euros (US$40.5 billion) in loans for Greece this year.
The European Union's statistics office, Eurostat, said that Greece's budget deficit in 2009 as a percentage of economic output was 13.6 percent - that's up from the previous estimate of 12.9 percent and nearly double the 7.7 percent recorded in 2008.
Greece's government total debt as a proportion of gross domestic product stands at a massive 115.1 percent, a burden so large that some analysts think it will have trouble paying it over coming years even if a bailout saves Athens from default this year.
Eurostat also warned that the Greek figures may actually be even worse, citing "uncertainties" over the figures related to social security funds and the recording of complex financial swap arrangements.
"Following completion of the investigations that Eurostat is undertaking on these issues in cooperation with the Greek statistical authorities, this could lead to a revision for the year 2009 of the order of 0.3 to 0.5 percentage points of GDP for the deficit and 5 to 7 percentage points of GDP for the debt," Eurostat said.
Greece began talks on Wednesday with the IMF, the European Central Bank and the European Commission on details of a rescue package to deal with its debt crisis.
The talks are expected to last at least 10 days and are set to focus on the terms and conditions of the joint eurozone-IMF bailout plan agreed in Brussels earlier this month so the package can be activated quickly if Greece requests the aid.
Eurozone countries have pledged 30 billion euros (US$40.5 billion) in loans for Greece this year.
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