Hellenic Statistical Authority (ELSTAT) may report that budget deficit in 2010 exceeded 10.5% of Gross Domestic Product, according to unconfirmed sources, while Ministry of Finance estimates deficit to range between 9.8% and 10.1% of GDP.
Government had targeted to reduce 2010 deficit to 9.4% of GDP. The gap should be covered by additional revenue measures, which may reach €2.7b.
Ministry of Finance supports ELSTAT’s independence, and neither confirms nor denies the rumors.
However, sources note that a battle between the two sides is raging. Officials said that the Treasury had no information about the final figures of deficit, when ELSTAT sent a report to European Union on Thursday.
Greece has the right to send correctional data until April 26, when the Eurostat will proceed with official announcements. According to officials, the disagreement is focused on the recording time of arrears.
The deficit will be surely increased because of the deep recession of 2010 and the lower than expected downsizing of public expenditure.
Once details are finalized, the government along with the IMF/ECB/EU will calculate what part of the additional deficit corresponds to the 2011 and decide on additional measures that may reach €2.7b, which will be added to the €1.8b measures for 2011 gap and the €22b medium-term package for the period 2012-2014.
Government had targeted to reduce 2010 deficit to 9.4% of GDP. The gap should be covered by additional revenue measures, which may reach €2.7b.
Ministry of Finance supports ELSTAT’s independence, and neither confirms nor denies the rumors.
However, sources note that a battle between the two sides is raging. Officials said that the Treasury had no information about the final figures of deficit, when ELSTAT sent a report to European Union on Thursday.
Greece has the right to send correctional data until April 26, when the Eurostat will proceed with official announcements. According to officials, the disagreement is focused on the recording time of arrears.
The deficit will be surely increased because of the deep recession of 2010 and the lower than expected downsizing of public expenditure.
Once details are finalized, the government along with the IMF/ECB/EU will calculate what part of the additional deficit corresponds to the 2011 and decide on additional measures that may reach €2.7b, which will be added to the €1.8b measures for 2011 gap and the €22b medium-term package for the period 2012-2014.
