03/10/2011 12:15
Greece to miss budget deficit targets in 2011, 2012
Greece has said its budget deficit will be cut in 2011 and 2012, but that it will still miss targets set by the EU and IMF, according to BBC.
The 2011 deficit is projected to be 8.5% of GDP, down from 10.5% in 2010 but short of the 7.6% target.
The government, which on Sunday adopted its 2012 draft budget, blamed the shortfall on deepening recession.
Stock markets fell on the news, with Hong Kong down 5% midway through the day and Australia closing 2.7% lower.
The figures come as inspectors from the International Monetary Fund (IMF), European Union (EU) and European Central Bank are in Athens to decide whether Greece should get a key bail-out instalment.