Greece beats budget targets so far this year
Associated Press - 12 August 2013 05:39-04:00
ATHENS, Greece (AP) — The Greek government says it has beaten its budget deficit targets so far this year, posting a primary surplus.
Deputy Finance Minister Christos Staikouras said Monday that preliminary figures show the state budget had a primary surplus — which excludes interest payments on outstanding debt — of 2.6 billion ($3.5 billion) euros for January-July.
That is a far better result than its target of a 3.1 billion euro ($4.2 billion) deficit.
The overall budget deficit also beat its target, narrowing to 1.9 billion euros instead of 7.5 billion euros. The deficit now stands at 1 percent of gross domestic product, from 6.8 percent in the same period last year, he said.
Greece has depended on international rescue loans since 2010. In return, it has pledged to overhaul its economy.
News Topics: Business, Government budget deficits, National budgets, Government budgets, Financial crisis, Government finance, Government business and finance, Government and politics, National governments, Economy, Financial markets
People, Places and Companies: Greece, Western Europe, Europe
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