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Budget Execution Reveals €4.9b Gap

The largest pension funds in Greece are in very difficult position as they have absorbed the biggest part of annual appropriations in the budget in the January-June period, while there is a gap of 4,953 million Euros in the budget execution for the same period.
According to the data available for the execution of the State Budget for the six months January – June 2011, on a fiscal basis, the deficit amounts to 12,747 million Euros compared to the target of 10,374 million Euros set in the 2011 Budget. During the same period in 2010, the State Budget deficit amounted to 9,997 million Euros.
On State Budget (Ordinary and Public Investment Budget), expenditures are lower than the budget target (35,930 mil. Euros) by 644 million Euros while State Budget total revenues (Ordinary and Investment Budget) have a shortfall by 3,016 million Euros compared to the budget target (25,556 mil. Euros).
(source: capital)

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