Greece Deficit Could Exceed 12 Percent

It is going to be interesting how the Eurozone reacts to this type of announcements as before the crisis they were very strict on supervising member countries.

Greece’s central bank governor said Friday the country’s budget deficit this year may exceed 12 percent of economic output – or four times the EU ceiling.

George Provopoulos said current data for the first three quarters of 2009 set budget overspending at around 10 percent of gross domestic product.

“But if one takes into account the dynamic for the next few months, one could conjecture with relative certainty that – unfortunately – the deficit will reach, if not exceed, 12 percent,” Provopoulos said.

Forbes

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