2011 deficit at 9.6%

The Greek deficit is expected to stand below 10%, according to estimates by Development minister Michalis Chrysochoidis, who thus confirmed previous calculationss speaking of a deficit reduction and an improvement of the country’s fiscal picture in the last months of 2011. 

Speaking at the Arab Greek Economic Forum, the minister said that the improvement was also thanks to the well- handled EU budget that Greece received, which was consequently better absorbed and used in programmes on Greek soil.
As a result, the picture is not as opaque as it used to be, and it gives Greece the financial edge it lacked a few days ahead of the Troika inspectors’ visit to the country.

Specialists said that the deficit reduction was reached thanks to the power levy the people paid and the car costs collection.

Nevertheless, the “hole” of 1.5 billion euros remains an open wound, leaving Finance ministry officials on tenterhooks as to how the first two months of 2012 will be sketched out, economy-wise.

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