Greece will miss EU/IMF deficit targets for 2011 and 2012

Greece on Sunday said it will miss both 2011 and 2012 budget deficit targets that were set by the European Union and International Monetary Fund (IMF).

According to a statement issued by the Finance Ministry, the budget deficit will reach 8.5 per cent of gross domestic product GDP this year, below the initial target of 7.6 per cent.

The ministry said that although it will manage to bring the budget deficit down to 6.8 per cent of GDP next year it will still miss the bailout target of 6.5 per cent of GDP.

"Because three critical months remain for the completion of the financial year 2011, and the final estimate of 8.5 per cent of GDP deficit can be achieved if the state mechanism and citizens respond accordingly," the finance ministry statement said.//DPA