Greece's budget deficit dropped by 41% in first six months

Greek state's budget deficit declined by 41 percent in the first six months this year compared to the same period in 2009, Bank of Greece announced on Monday.

The budget deficit, which is the net balance of the state budget including movements in public debt management accounts, from January to July 2010 dropped to 11.450 billion euros (14.357 billion U.S. dollars) from 19.685 billion euros (24.683 billion U. S. dollars) at the same period of last year, said a statement released by the Bank of Greece.

In regards to ordinary budget revenues, from January to July this year, they were increased to 23.2 billion euros (25.09 billion dollars) from 21.74 billion euros (27.26 billion dollars) the same period in 2009, while ordinary budget expenditure declined to 30.2 billion euros (37.87 billion dollars) compared to 35.6 billion euros (44.64 billion dollars) during the first six months last year.

The new figures were welcomed by government officials and analysts in debt-ridden Greece, since the three-year Stability and Growth Program to overcome the severe economic crisis is under way.

European Union and International Monetary Fund closely follow the developments in Greek economy. Since May they proved financial support to Athens to slash the debt burden and return to the right path of growth by 2014 amidst fears of a domino effect across the eurozone.

[Source: Xinhua, Athens, 05Jul10]

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