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Greece 2013 Budget – Business Insider

October 31, 2012 Leave a comment Go to comments

Greece 2013 Budget – Business Insider.

Greece just released its 2013 budget – the one that needs to be approved by troika lenders in order to secure more financial aid – and it’s not pretty.

According to the document(numbers via The Telegraph):

  • Debt-to-GDP will rise to 189.1 percent in 2013 (revised up from 179.3 percent)
  • The government will target a budget deficit of 5.2 percent of GDP (revised up from 4.2 percent)
  • 2012 GDP will contract by 4.5 percent (revised up from 3.8 percent)
  • The government will target a primary surplus of 0.3 percent of GDP (revised down from 1.1 percent)

The IMF, one of Greece’s troika lenders, has been targeting 120 percent debt-to-GDP by 2020 for Greece. That figure keeps looking further and further away.

Greece now needs to get the budget approved by November 11 in order to move forward with troika negotiations.

 

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