Wednesday, October 13, 2010

Greece Veering Off Target

by Charles Forelle

Wall Street Journal
October 12, 2010

Greek Finance Minister George Papaconstantinou mused on a television program last night that his country might take longer than originally thought to pay back the €110 billion it borrowed from other euro-zone nations and the IMF.

Now why might he want to do that?

One answer comes in Greece’s monthly budget-execution reports, the most recent of which was released late last night. The upshot: Greece is very far from reaching the government-revenue targets built in to its deficit-reduction plan. Greece simply isn’t raking in enough cash. (On the plus side, at least revenue in September didn’t fall, as it did in August.)


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