[B]BBC
Greece's budget deficit worsens[/B]
[release]Greece's 2009 budget deficit was worse than previously calculated, making it the largest in the eurozone, new figures have shown.
The country's deficit last year stood at 15.4% of its annual economic output, said Eurostat, the European Union's statistics office.
This is higher than the 13.6% figure reported in April.
Due to the revision, Greece said its 2010 deficit would only be cut to 9.4%, not its earlier target of 7.8%.
It comes as Athens is continuing efforts to reduce the deficit through austerity measures that have sparked protests from workers.
The Greek government is also being visited by EU and International Monetary Fund officials on Monday, who will decide whether to release more funds.
Greece is seeking the third part of its 110bn-euros ($150bn; £93bn) rescue deal, which was arranged in May.
Prime Minister George Papandreou said over the weekend that Greece might be forced to ask for an extension to the time before it has to start repaying aid money.
The Greek government said Eurostat had revised up the 2009 deficit figure for three main reasons; a downward revision of the country's economic growth rate that year, an adjustment of social security funds, and by adding data from certain public sector bodies into the general government figures.
As a result, its 2009 deficit of 15.4% overtook the Republic of Ireland's 14.4% figure, which was previously calculated as the worst.
Eurostat also revised upwards the total level of Greece's debts in 2009 to 126.8% of its GDP from 115.1% previously. It predicts the country's debts will hit 144% this year.
The European statistics office had been concerned that its earlier 2009 deficit figure for Greece had been incorrect. Its new final is its final calculation, and it said it no longer had any reservations.
Greece's Ministry of Finance said: "The revision and validation of the fiscal data up to 2009 is a major step to restore transparency in fiscal management, and to eliminate controversies over the quality and the accuracy of Greek fiscal statistics."
Eurostat said last week that Greek economy had contracted by -1.1% between July and September, better than the -1.7% decline from April to June[/release]
[url]http://www.bbc.co.uk/news/business-11755320[/url]
At what point does it become poor enough to be officially classed as part of Africa
greece right now reminds me of when i play as greece in rome total war, each one of my cities -912308129038 dinari each round
greece needs to learn money cheats
[QUOTE=Killerjc;26083643]greece right now reminds me of when i play as greece in rome total war, each one of my cities -912308129038 dinari each round
greece needs to learn money cheats[/QUOTE]
lol try not to build 100 divisions of armoured hoplites and it will be ok
I bet socialism did this right glaber
I see the recession is really [i]taking its toll[/i] on Greece
Chances are its going to be at least reduced in E.U. membership status.
[QUOTE=OrionChronicles;26091760]Chances are its going to be at least reduced in E.U. membership status.[/QUOTE]
E.U. Members have different statuses?
I wasn't aware of that. (no sarcasm intended if it sounds like it, I honestly did not.)
And this is obviously the reason why we should vote Jeb Bush, or Sarah Palin in 2012 because we all know that the republican ideal would be able to recover from such a deficit.
if anything is to blame for Greece's current economic state it's the 2004 Olympics. The total cost for the Olympics to be held there was an estimated €10 billion. The Greek government payed 14% of that total (€4.6 billion~) and given that Greece was the smallest country in 50 years to hold the Olympics and one had one of the smallest economies the games fractured Greece's economy. What were seeing are those fractures becoming cracks and those cracks giving way to the pressure of their current deficit.
[QUOTE=w 1 z;26092444]if anything is to blame for Greece's current economic state it's the 2004 Olympics. The total cost for the Olympics to be held there was an estimated €10 billion. The Greek government payed 14% of that total (€4.6 billion~) and given that Greece was the smallest country in 50 years to hold the Olympics and one had one of the smallest economies the games fractured Greece's economy. What were seeing are those fractures becoming cracks and those cracks giving way to the pressure of their current deficit.[/QUOTE]
4.6 billion dollars is the price of like...one day of the USA's spending on the DoD
[QUOTE=Tetracycline;26092496]4.6 billion dollars is the price of like...one day of the USA's spending on the DoD[/QUOTE]
actually it's alot more then that. 4.6 billion Euros equates to 6,275,427,897.20 USD. And again, Greece was the smallest country in the 50 years to host the olympics and also had one of the smallest economies.
[QUOTE=w 1 z;26092519]actually it's alot more then that. 4.6 billion Euros equates to 6,275,427,897.20 USD. And again, Greece was the smallest country in the 50 years to host the olympics and also had one of the smallest economies.[/QUOTE]
Why not just write it as 6.27bil USD?
Oh boy.
[QUOTE=w 1 z;26092519]actually it's alot more then that. 4.6 billion Euros equates to 6,275,427,897.20 USD. And again, Greece was the smallest country in the 50 years to host the olympics and also had one of the smallest economies.[/QUOTE]
Significant figures herp derp
Unless you're suggesting that extra 20 cents is the cause for Greece's budget deficit because the Greek Prime Minister bought one too many gumballs
[editline]f[/editline]
Or 31,377,139,486 too many 20 cent gumballs
[editline]f[/editline]
That's a lot of balls
[QUOTE=w 1 z;26092519]actually it's alot more then that. 4.6 billion Euros equates to 6,275,427,897.20 USD. And again, Greece was the smallest country in the 50 years to host the olympics and also had one of the smallest economies.[/QUOTE]
Okay well all I can surely say is that the USA would not really notice 6.2 billion dollars being spent on anything
I think it's hilarious that people are still talking about paying back. When an entity(country or any other kind) is this deep in the hole there is no way to pay back. Where is all this 'extra' money going to come from? If they had a way to raise it, they wouldn't have needed a rescue.
All the austerity measures do AT BEST is help get them in a position to not have to keep asking for more, not get in a position where they have so much they can start paying back.
[QUOTE=cecilbdemodded;26092684]I think it's hilarious that people are still talking about paying back. When an entity(country or any other kind) is this deep in the hole there is no way to pay back. Where is all this 'extra' money going to come from? If they had a way to raise it, they wouldn't have needed a rescue.
All the austerity measures do AT BEST is help get them in a position to not have to keep asking for more, not get in a position where they have so much they can start paying back.[/QUOTE]
Increase taxes, reduce government spending, problem solved. Good luck getting anyone to support that though.
even though our economy is shitty as fuck I think we're the only people in the world who go for coffee every day all day :c00l:
problem, International Monetary Fund? :smug:
like seriously the IMF came to Greece to check the situation out and say that everyone was rushing to the coffee shops at 3pm and they were like "wow they work too early" lolololol what they don't know is that instead of being stuck up bitches who work all day and snob everyone and only go out for drinks or coffee every saturday night is that we go every day
:c00l: GREECE :c00l:
[QUOTE=i_speel_good;26092735]even though our economy is shitty as fuck I think we're the only people in the world who go for coffee every day all day :c00l:
problem, International Monetary Fund? :smug:
like seriously the IMF came to Greece to check the situation out and say that everyone was rushing to the coffee shops at 3pm and they were like "wow they work too early" lolololol what they don't know is that instead of being stuck up bitches who work all day and snob everyone and only go out for drinks or coffee every saturday night is that we go every day
GREECE :biggrin:[/QUOTE]
USA USA USA...I mean
GREECE GREECE GREECE!
[QUOTE=Luxo;26092705]Increase taxes, reduce government spending, problem solved. Good luck getting anyone to support that though.[/QUOTE]
I was watching a news show on TV and some politician said that he asked a list of all the products we import from other countries.
Apparently we import Spaceship Parts and Fruit Peels from FYROM. Talk about reducing government spending.
[QUOTE=johan_sm;26092553]Why not just write it as 6.27bil USD?[/QUOTE]
To spite americans
[QUOTE=i_speel_good;26092768]I was watching a news show on TV and some politician said that he asked a list of all the products we import from other countries.
Apparently we import Spaceship Parts and Fruit Peels from FYROM. Talk about reducing government spending.[/QUOTE]
Macedonia for those who don't know what FYROM is.
When I was in Germany back in the Summer, before the move out of there, all I was hearing on the news in every single country at the time was how Greece was in a pit so deep they were now importing prefabricate Chinese satellite parts. Everyone wanted to throw money at the problem but nobody knew where it would come out again, and here we are now, the whole thing is even worse than it was before (And it was really fucking bad then).
[QUOTE=i_speel_good;26092735]even though our economy is shitty as fuck I think we're the only people in the world who go for coffee every day all day :c00l:
problem, International Monetary Fund? :smug:
like seriously the IMF came to Greece to check the situation out and say that everyone was rushing to the coffee shops at 3pm and they were like "wow they work too early" lolololol what they don't know is that instead of being stuck up bitches who work all day and snob everyone and only go out for drinks or coffee every saturday night is that we go every day
:c00l: GREECE :c00l:[/QUOTE]
So Greece is full of lazy bastards?
it all makes sense :geno:
[QUOTE=Van-man;26094352]So Greece is full of lazy bastards?
it all makes sense :geno:[/QUOTE]
We are all lazy bastards and live expensive lifestyles. The funny thing is that if a politician points that out, we are going to eat him alive. :v:
[QUOTE=Van-man;26094352]So Greece is full of lazy bastards?
it all makes sense :geno:[/QUOTE]
hey at least we have a good time all the time :smug:
[QUOTE=cjone2;26083462]At what point does it become poor enough to be officially classed as part of Africa[/QUOTE]
It's not as bad as they say it is. I live in Greece. We don't even feel the crisis here except for minor salary cuts and tax increased. Some businesses have closed from the taxes, but nothing serious yet.
lol Eurozone
[QUOTE=AlienCreature;26096136]It's not as bad as they say it is. I live in Greece. We don't even feel the crisis here except for minor salary cuts and tax increased. Some businesses have closed from the taxes, but nothing serious yet.[/QUOTE]
I have to say that this is pretty much true, but it's going to get worse soon ,I am afraid.
Hell, I am pretty sure that Facepunch always thought that Greece was a third world country all the time, so no worries. :v:
[QUOTE=phaedon;26099132]I have to say that this is pretty much true, but it's going to get worse soon ,I am afraid.
Hell, I am pretty sure that Facepunch always thought that Greece was a third world country all the time, so no worries. :v:[/QUOTE]
We just thought that Greece was still like people walking around in sheets with olive branch hats...
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