05 October, 2010
Finance Minister George Papaconstantinou submitted yesterday to the Hellenic Parliament the 2011 draft budget, which provides for the deficit to drop even lower than previously projected - at a 7% deficit rate below the 7.6% target predicted in the economic adjustment programme.
This deficit shrinkage is based on a projected revenues increase by 6.9% and expected decreases in expenditures by 5.9%. The draft budget also foresees that this year’s recession will reach 4% but will drop to 2.6 % next year, while the economy is expected to return to growth in 2012.
"The people’s sacrifices will not be in vain
," said Papaconstantinou, calling the draft budget "one major step towards putting the country’s fiscal situation in order
Ministry of Finance: Draft Budget 2011
; Kathimerini Daily: Ambitious deficit target included in next year’s draft budget, at 7% of GDP
Source: GREEK NEWS AGENDA issued by the Secretariat Genera