Photo: Wikimedia Commons
Greece just released its 2013 budget – the one that needs to be approved by troika lenders in order to secure more financial aid – and it’s not pretty.According to the document (numbers via The Telegraph):
- Debt-to-GDP will rise to 189.1 per cent in 2013 (revised up from 179.3 per cent)
- The government will target a budget deficit of 5.2 per cent of GDP (revised up from 4.2 per cent)
- 2012 GDP will contract by 4.5 per cent (revised up from 3.8 per cent)
- The government will target a primary surplus of 0.3 per cent of GDP (revised down from 1.1 per cent)
The IMF, one of Greece’s troika lenders, has been targeting 120 per cent debt-to-GDP by 2020 for Greece. That figure keeps looking further and further away.
Greece now needs to get the budget approved by November 11 in order to move forward with troika negotiations.