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Revision Of Greece΄s 2009 Deficit May Weigh In 2011 Budget

On the 22nd of October, the day Eurostat will reveal how much the Greek 2009 deficit will be upwards revised, it will become known whether the 2011 budget will once again change incorporating additional measures.
The new data will be processed by the troika auditors that arrive in Athens on the 15th of November, so as to finalize the 2011 budget that will be tabled to the parliament on the 18th of November.
The time is stifling and the huge degree of uncertainty. Yesterday, EU representatives have avoided the lengthy explanations given for the issue of Greek statistics diligently to mention the phrase “new measures”.
EU spokespersons yesterday left open the possibility for changes in the Memorandum. According to some commentators this does not mean the implementation of additional austerity measures, while the Finance Minister assured that the impact of the revision in this year΄s budget will be small).
EU officials acknowledge that it is extremely difficult for the Greek economy to absorb new measures. So Athens and Brussels are seeking for a solution that will pull them from the spot.

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