Greece was yesterday reported to have missed the deficit cutting target set for it by the EU and the IMF as part of the terms of its bail-out. According to Reuters, the Greek budget deficit will reach 8.5pc of GDP this year, missing a target 7.6pc.
An emergency meeting of eurozone finance ministers will today meet in Luxembourg to discuss the progress of Greek reforms that are necessary to secure the next €8bn tranche of bail-out money. Greece is to unveil new austerity measures.
03 October 2011
Deeper and deeper into the mire ...
From The Telegraph (here):
How much austerity can a nation cope with?