Reply #24: Greek deficit widens in first 9 months of years

[xchrom]

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-10-12-07-07-33

ATHENS, Greece (AP) -- Greece's central government deficit continued to grow in the first nine months of the year despite a series of austerity measures designed to raise revenues, figures from the country's finance ministry showed Wednesday.

The central government deficit stood at euro19.2 billion ($26.1 billion) for January to September from euro16.65 billion in the same period last year. The 15.1 percent increase was slightly lower than the government forecast of a rise to euro19.24 billion.

The ministry blamed the revenue shortfall on a deeper than anticipated recession, but said shortfalls were likely to be made up over the next three months as recent tax rises, such as a controversial property levy, kick in.

The figures issued Wednesday relate to the state budget deficit, which excludes spending in some areas, and is not the criteria used for the EU's assessment of Greece's financial reforms.



***i'm sure there will be an official expression of SURPRISE that will offer comfort and succor to every one.