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EU Commission: Greek deficits far above forecasts

Sep 12th, 2011 06:56 by News

September 12 (CNBC) — The European Commission says Greece’s budget deficit for 2011 will stand at 9.5 percent of gross domestic product, far higher than the country’s original forecast for 7.6 percent.

Greece has argued that the deficit targets will have to be revised as the recession is far worse this year than originally predicted.

[source]

PG View: Wake me when Greece DOES hit one of its deficit targets…

A German government adviser has reportedly suggested that an orderly restructuring (i.e. default) of Greece is indeed being discussed, in hopes of containing the problem.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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