Monday, October 3, 2011
Quelle Surprise!! Greece still in trouble (Seeking Alpha)
Greece will miss deficit targets. The Greek cabinet approved the draft 2012 budget yesterday, and will present it to parliament today, but while the government agreed to an additional €6.6B ($8.8B) of austerity measures demanded by the troika, the country won't meet its deficit target this year. Greece's 2011 deficit is now expected to be 8.5% of GDP vs. its 7.6% target; for 2012, the deficit is set to fall to 6.8%, still above the 6.5% target. The news has sent Asian and European shares tumbling, though Greece says it'soptimistic about the next tranche of aid.