ATHENS, Greece (AP) — Greece's Finance Ministry says the country's bloated budget deficit has been cut by 46 percent in the first half of the year, exceeding government targets.
A ministry statement says preliminary data show overspending amounted to €9.6 billion ($12 billion) on a fiscal basis in the January-June period, compared to €17.8 billion ($22.4 billion) in the first half of 2009.
The debt-hobbled government is targeting a 39.5 percent cut this year to bring the deficit from a hefty 13.6 percent of annual output in 2009 to 8.1 percent.
Monday’s statement said that while spending cuts exceeded targets, the increase in revenues was below target.
