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ATHENS (Dow Jones)--Greece's government said Sunday that it will miss its deficit target this year, forcing the country to take some 6.6 billion euros ($8.8 billion) in austerity measures in 2011 and 2012 to bring its budget back on track with commitments made to its international creditors.
In a statement, the finance ministry said that Greece's cabinet has approved the country's 2012 draft budget, which is due to be formally introduced in Parliament Monday and voted on by the end of October.
According to the budget, Greece will record a deficit equal to 8.5% of gross domestic product in 2011, or about EUR18.69 billion. That is above an original target of 7.8%, the statement said, or EUR17.1 billion.
For 2012, Greece is aiming for a deficit of 6.8% of GDP, or about EUR14.65 billion.
"The commitment for additional measures that have been decided and announced for 2011 and 2012 totals EUR6.6 billion," the statement said.
Separately, a senior Greek government official told journalists that the cabinet has also approved a controversial scheme to place some 30,000 public-sector workers in a special labor reserve, as part of efforts to narrow the budget deficit.
The extraordinary cabinet meeting comes just one day before European finance ministers are due to meet in Luxembourg to discuss Greece's progress on reforms, and follows three days of talks with a delegation of international auditors in Athens.
Late Saturday, Greece wound up a third day of talks with inspectors from the European Union, the International Monetary Fund and the European Central Bank--known at the troika--who will decide whether the country is eligible to receive further financial assistance.
At stake is an EUR8 billion tranche of aid sought by Greece that is part of a EUR110 billion bailout the country received from its fellow euro-zone members and the IMF early last year. Without that next slice of aid, Greece's government will run out of money by the middle of this month.
-By Stelios Bouras and Alkman Granitsas,
http://online.wsj.com/article/BT-CO-20111002-703405.html
完了,估计要嗝皮了……
In a statement, the finance ministry said that Greece's cabinet has approved the country's 2012 draft budget, which is due to be formally introduced in Parliament Monday and voted on by the end of October.
According to the budget, Greece will record a deficit equal to 8.5% of gross domestic product in 2011, or about EUR18.69 billion. That is above an original target of 7.8%, the statement said, or EUR17.1 billion.
For 2012, Greece is aiming for a deficit of 6.8% of GDP, or about EUR14.65 billion.
"The commitment for additional measures that have been decided and announced for 2011 and 2012 totals EUR6.6 billion," the statement said.
Separately, a senior Greek government official told journalists that the cabinet has also approved a controversial scheme to place some 30,000 public-sector workers in a special labor reserve, as part of efforts to narrow the budget deficit.
The extraordinary cabinet meeting comes just one day before European finance ministers are due to meet in Luxembourg to discuss Greece's progress on reforms, and follows three days of talks with a delegation of international auditors in Athens.
Late Saturday, Greece wound up a third day of talks with inspectors from the European Union, the International Monetary Fund and the European Central Bank--known at the troika--who will decide whether the country is eligible to receive further financial assistance.
At stake is an EUR8 billion tranche of aid sought by Greece that is part of a EUR110 billion bailout the country received from its fellow euro-zone members and the IMF early last year. Without that next slice of aid, Greece's government will run out of money by the middle of this month.
-By Stelios Bouras and Alkman Granitsas,
http://online.wsj.com/article/BT-CO-20111002-703405.html
完了,估计要嗝皮了……