June 9, 2010
"...they will chase all of us away with stones" - Papandreou on the results if Greek politicians do not cooperate
First goals for debt reduction being met in Athens
Brief article at Wall Street Journal by Alkman Granitsas on Papandreou's government hitting the pre-defined targets for the first step in implementing the austerity program. Though the politically explosive issue of altering the pension system begins next month, along with some other tough goals of selling state-owned shares in various titillates, railroads, etc., the agreed upon goals with the lenders of the IMF/eurozone is proceeding apace:
Related: Papandreou calls for Confidense Vote - November 2011"Greek Finance Minister George Papaconstantinou said Wednesday that Greece is on track to meet its 2010 deficit targets, with data showing that the country's budget gap narrowed by around 40% in the first five months of the year.
Revenue in the five months to May was up 8%, while spending was down by more than 10%, Papaconstantinou said at a news conference.
Greece last year reported an estimated budget deficit of 13.6% of gross domestic product, which it aims to reduce to 8.1% of GDP this year.
"In the next few days, we will issue data on the execution of the budget for the first five months," Papaconstantinou said. "We have a decrease in the deficit that is very close to 40%. That's due to a more than 8% increase in revenues, and a decrease in spending that is above 10%."
"To reduce the deficit from 13.6% of GDP to 8.1%, that is a reduction of 40%. So in other words, we are on target," he added. "I am cautiously optimistic that we will succeed in achieving exactly the targets that we have set."
Related:
2011 – Creating the European Financial Stability Facility (EFSF) & the "PIIGS"
2017 – Another Greek Economic Crisis?
The Drachma almost returned to Greece 2013–2017
Greek economic Survival in the 1990s
Greece's Golden Visa program
