This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Greece Revises Debt Forecasts Up In Draft Budget

Predictions of a primary deficit surplus â¿¿ which strips out the cost of paying interest on outstanding debt â¿¿ of a modest 1.1 percent have also been revised downwards, with the projection now standing at 0.4 percent for next year.

The recession, meanwhile, will be deeper than the 3.8 percent contraction the preliminary draft had predicted, with the new figures estimating the economy will shrink by 4.5 percent.

Unemployment is projected at 22.8 percent next year, marginally higher than the 22.4 percent predicted for 2012. Greece registered record unemployment in July this year, with the jobless rate reaching 25.1 percent.

National debt will stand at ⿬346.2 billion, slightly higher than this year's ⿬340.6 billion, the revised budget showed.

The economy is forecast to gradually clawing its way out of the recession and eventually post growth of 3.5 percent in 2016.

____

Nicholas Paphitis and Derek Gatopoulos in Athens, Don Melvin in Brussels and Juergen Baetz in Berlin contributed to this report.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs