Greek government presents 2011 budget draft

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Greek government presents 2011 budget draft

10:24, October 05, 2010      

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Greece aims to cut its budget deficit which almost led the country to default this spring to 7 percent of GDP next year, according to the draft 2011 budget announced by the Greek Finance Ministry on Monday afternoon.

The target is more ambitious than the initial target of 7.6 percent of GDP for 2011, agreed with the European Union (EU) and the International Monetary Fund (IMF), which have been financially supporting Greece since May to exit an acute debt crisis in a three-year period.

"Our aim is to exit the tunnel as soon as possible so we can support as soon as possible the most vulnerable members of our society who make sacrifices in this difficult period for our country," explained Greek Prime Minister George Papandreou during a cabinet meeting Monday noon on the draft budget.

On the first anniversary of the ruling socialist PASOK party's win in general elections, Greek Finance Minister George Papaconstantinou officially submitted to the Greek parliament the draft, which focuses on the continuation of austerity cuts and a speedup on revenues collection.

"In 2010 we struggled united to save our national economy. We managed to do it and turn the crisis into an opportunity for rebirth," noted Papaconstantinou, presenting the main elements of the budget draft of 2011. Greece has planned to properly return to international markets in 2011 to borrow money to meet its financing needs.

The main target is to boost tax revenues, so that the debt- ridden country will drastically reduce its debt, which by year end is expected to stand at 313.29 billion euros (429.3 billion U.S. dollars).

On the brink of default this spring, Greece secured a 110- billion-euro (150.48 billion dollars) aid package from the EU and the IMF, pledging drastic changes, austerity measures and structural reforms over a three-year period in exchange.

Athens has pledged to slash a budget deficit that stood at 13.6 percent of GDP late last year to less than three percent over the three-year period. According to the latest data, Greece is well ahead of the initial target set for this year, to reduce the deficit to 8.1 percent of GDP.

Papaconstantinou estimates that by yearend 2010, Greece will have exceeded the initial target and will have reduced the deficit to 7.8 percent of GDP.

Source: Xinhua

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