The Hellenic Radio (ERA): News in English, 10-07-12

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] State Deficit Reduced by 46%

A report on execution of state budget in the first half of 2010 January-June shows that state deficit has dropped 46.0% compared against annual target of 39.5%. The Finance Ministry announced that state deficit dropped to 9.645 million euros from 17.866 million euros in the same period in 2009. The reduction in state deficit was the result of both cuts in expenses and rise in revenues even before 2010 fiscal measures bear fruit. On Tuesday for the first time after the signing of the memorandum, the Greek state will put up for auction state bonds to raise 1.25 billion euros.

State deficit has dropped by 46% in the first half of 2010 according to data from the General Accounting Office. The target this year is to bring deficit down by 39.5% and the basic reason of the higher drop in state deficit so far is the higher cut in expenses 12.8% compared against initial prospects of 5.5%.

In the meantime, revenues are slightly behind as they have risen by 7.2% but the target is 13.7% till the end of the year.

State Bonds Put up for Auction

On Tuesday for the first time after the signing of the memorandum, the Greek state will put up for auction state bonds to raise 1.25 billion euros.

The Finance Ministry next week will issue three-month state bonds hoping to raise 3 billion euros. Senior members of the Finance Ministry believe that interest rate will range between 4% and 5%. News item: 38391

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