Deficit targets being cut by Greece
Published 08/02/2013 | 12:26
Greece has slashed its deficit targets for the next four years following its latest international debt relief deal.
A revised mid-term strategy paper submitted to Parliament foresees the budget deficit shrinking to 7.9 billion euro (£6.7 billion), or 4.3% of the country's annual gross domestic product (GDP) this year.
That beats the budget target of 5.2% and the previous mid-term target for 2013 of 5.5%.
The forecasts also provide for lower deficits until 2016, when overspending will hit 2.3% of GDP.
Greece has survived on international bailouts since 2010, in return implementing deep spending cuts and tax hikes to tame deficits that peaked at more than 15% when the economy started to implode in 2009.
The revisions require parliamentary approval.