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Greek deficit worse than thought | Greek deficit worse than thought |
(10 minutes later) | |
Greece had a far larger budget deficit than expected last year and the figures may yet get worse, according to the European Union's statistics office. | Greece had a far larger budget deficit than expected last year and the figures may yet get worse, according to the European Union's statistics office. |
New data from Greece shows a gap of 13.6% of gross domestic product (GDP), not the 12.7% first reported. | New data from Greece shows a gap of 13.6% of gross domestic product (GDP), not the 12.7% first reported. |
Eurostat, which was given new data by Greece, said doubts over the figures meant they could be revised again. | Eurostat, which was given new data by Greece, said doubts over the figures meant they could be revised again. |
The news hit the euro and stock markets, amid new worries that Greece might default on its debts. | The news hit the euro and stock markets, amid new worries that Greece might default on its debts. |
"It looks like a terrible situation just got worse," said Nick Kounis, an economist at insurance giant Fortis. | "It looks like a terrible situation just got worse," said Nick Kounis, an economist at insurance giant Fortis. |
Greece is currently negotiating the details of an emergency rescue package from the eurozone and International Monetary Fund (IMF). | Greece is currently negotiating the details of an emergency rescue package from the eurozone and International Monetary Fund (IMF). |
Eurostat warned that the Greek figures may be revised further. | Eurostat warned that the Greek figures may be revised further. |
US DOLLAR V EUROLast updated: 22 Apr 2010, 13:36 UK *Chart shows local time $1 buyschange%0.7497+0.0029+0.39 More data on this currency pair | |
The organisation said in a statement: "Eurostat is expressing a reservation on the quality of the data reported by Greece... 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." | The organisation said in a statement: "Eurostat is expressing a reservation on the quality of the data reported by Greece... 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." |
Civil service strike | Civil service strike |
Stock markets across Europe fell, and against the US dollar the euro was down to $1.3372 from $1.3410. | Stock markets across Europe fell, and against the US dollar the euro was down to $1.3372 from $1.3410. |
The Greek government has said it wants to reduce the deficit to 5.6% of GDP in 2011, and 2.8% of GDP in 2012. | The Greek government has said it wants to reduce the deficit to 5.6% of GDP in 2011, and 2.8% of GDP in 2012. |
But spending cutbacks measures being introduced by Athens to restore its finances are being resisted. | But spending cutbacks measures being introduced by Athens to restore its finances are being resisted. |
On Thursday, tens of thousands of Greek civil servants have been staging a 24-hour strike in protest against the austerity programme. | On Thursday, tens of thousands of Greek civil servants have been staging a 24-hour strike in protest against the austerity programme. |
A major demonstration is planned for Athens, not far from where officials from the IMF and European Central Bank are meeting to determine the fine details of a financial rescue package for Greece. | A major demonstration is planned for Athens, not far from where officials from the IMF and European Central Bank are meeting to determine the fine details of a financial rescue package for Greece. |