Tuesday, April 26, 2011

Greek Budget Deficit Widens

Greece's budget deficit in 2010 was 10.5% of gross domestic product, significantly larger than forecast by either the Greek government or the European Union authorities, according to Eurostat, the EU's official statistics agency.

The Greek government was targeting a 2010 deficit of 9.4% of GDP, although the European Commission in February said it expected the deficit to be 9.6% of GDP.

In the land of make believe, Greece has pledged to cut its deficit to 7.4% of GDP this year, lower than its previous target of 7.6%, according to Eurostat.

In the real world. the five-year CDS spread on Greece reached a new record-wide level of 1,345 basis points Tuesday, reports WSJ.

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