Greece claims deficit cut by 40% in first half of year

ei.sdraob

http://news.bbc.co.uk/2/hi/business/10510415.stm

According to Greek central bank data, the government's deficit was 11.5bn euros in the first half of the year, down from 19bn euros a year earlier.

The deficit for the first six months stood at 4.9% of GDP, well inside the IMF target of 5.8%.

The Greek government has vowed to cut the full-year deficit to 8.1% of GDP, from 13.6% last year

assuming the figures are correct this is not good news for Ireland, since we are now standing out like a black sheep among the PIIGS, with our deficit that has barely nudged

also while their population is twice ours, interesting how their deficit was less than ours

some food for thought there...

jock101

Greece claims deficit cut by 40% in first half of year

Good for them, but would you want to live there?

ei.sdraob

jock101 wrote: »

Greece claims deficit cut by 40% in first half of year

Good for them, but would you want to live there?

me? never been to the country so cant comment
but coworker is there and doing quite fine, early retirement, good food and nice weather

i hear your planning to skip the country, worth a shot i say

Riskymove

ei.sdraob wrote: »

assuming the figures are correct ...

the big question with Greece


...I notice they achieved this by cutting expenditure by just 15%??

how did they manage to achieve such an overall reduction?

jock101

ei.sdraob wrote: »

me? never been to the country so cant comment
but coworker is there and doing quite fine, early retirement, good food and nice weather

i hear your planning to skip the country, worth a shot i say

What leave one slow sinking ship for a faster one! Mmm:rolleyes:

mathie

Riskymove wrote: »

the big question with Greece


...I notice they achieved this by cutting expenditure by just 15%??

how did they manage to achieve such an overall reduction?

I'd assume the same way that they got into the EU.
By lying about their books.

"Greece claims deficit cut by 40% in first half of year "

What next?
Irish Government claims we've turned a corner / house prices are at the bottom / a jobless recovery is on the cards / etc etc <insert bull5hit comment here>.

ei.sdraob

Riskymove wrote: »

the big question with Greece


...I notice they achieved this by cutting expenditure by just 15%??

how did they manage to achieve such an overall reduction?

revenues rose a moderate 7% some funny maths there

ours are "still falling" i mean on target last i checked (sorry i forgot i have to use doublespeak )

Riskymove

ei.sdraob wrote: »

revenues rose a moderate 7% some funny maths there

Total government spending was cut 15% to 30.1bn euros, while revenues rose a moderate 7% to 23.2bn euros.

er....does this not mean a deficit of just €6.9 bn ???

whats missing here?

Are these just 6 monthly figures?

hinault

ei.sdraob wrote: »

http://news.bbc.co.uk/2/hi/business/10510415.stm



assuming the figures are correct this is not good news for Ireland, since we are now standing out like a black sheep among the PIIGS, with our deficit that has barely nudged

also while their population is twice ours, interesting how their deficit was less than ours

some food for thought there...

I wonder has Alan Dukes seconded the Anglo Irish business planner over to Greece:D

40% cut - I don't believe those numbers.

I'd like to see if the Greeks have started to collect income tax.
That might be the more wise route to take, in order to correct their budget deficits.

Scarab80

ei.sdraob wrote: »

http://news.bbc.co.uk/2/hi/business/10510415.stm

assuming the figures are correct this is not good news for Ireland, since we are now standing out like a black sheep among the PIIGS, with our deficit that has barely nudged

also while their population is twice ours, interesting how their deficit was less than ours

some food for thought there...

So if Greece had missed their targets it would be good news for Ireland???

Remeber our deficit is also down 40% compared with the first six months of 2009.

No indication from the markets that we are a black sheep at the moment, best "pig" over the last 6 months.

ei.sdraob

Scarab80 wrote: »

So if Greece had missed their targets it would be good news for Ireland???

Remeber our deficit is also down 40% compared with the first six months of 2009.

No indication from the markets that we are a black sheep at the moment, best "pig" over the last 6 months.

Our deficit % is still highest of the lot (yes that's money that will have to be paid back + interest)

Ireland got of relatively well in last few months cause all the attention was focused on Greece (and then the Germans ****ing about)

Scarab80

ei.sdraob wrote: »

Our deficit % is still highest of the lot (yes that's money that will have to be paid back + interest)

Ireland got of relatively well in last few months cause all the attention was focused on Greece (and then the Germans ****ing about)

Perhaps, but looking at intraday movements this news has already been factored into the cost of greek bonds. I wouldn't be expecting any major changes in the near future based on this.

RichardAnd

Let's not forget that the Greeks cooked their books to be allowed into the Euro in the first place. I don't trust them and I doubt I'm alone in that belief.

dynamick

Hard to believe Greek numbers given their recent deception
Here's the source doc:
http://www.minfin.gr/content-api/f/binaryChannel/minfin/datastore/68/7d/23/687d233d9261fa4bdde156cd3f7836d1a852ac5e/application/pdf/EktelesiProypEN.pdf

unseen

But back-of-the envelope calculations supposedly showing Greece's inevitable fiscal death are somewhat exaggerated. The slashing of the Greek budget deficit (13.6% of GDP last year) is actually proceeding faster than planned. The consolidation program agreed with the EU and the IMF projects for this year a deficit of 8.1%. In light of the progress in the first five months of this year, Greece might even manage to undershoot this target.

http://online.wsj.com/article/SB10001424052748704911704575326553039985226.html

johnnyskeleton

ei.sdraob wrote: »

http://news.bbc.co.uk/2/hi/business/10510415.stm



assuming the figures are correct this is not good news for Ireland, since we are now standing out like a black sheep among the PIIGS, with our deficit that has barely nudged

also while their population is twice ours, interesting how their deficit was less than ours

some food for thought there...

Ireland had a similar statistic a while ago - it's all based on the absence of certain expenditure which is due later in the year. Of course I can't say that the Greeks have done the same trick, but they have taken more than a few pages out of the Irish "teacher's pet" book:

http://www.irishtimes.com/newspaper/breaking/2010/0702/breaking54.html