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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 strikeCivil 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.