Greece’s 2010 deficit has blown past government estimates and above the 10% of GDP range, according to eurostat.At 10.5% of GDP, above the 9.6% expected by the EU. While austerity may be cutting government costs, low growth is inhibiting the country’s ability to generate revenues.
Lars Feld, a member of German Chancellor Angela Merkel’s economic council is now calling on Greece to restructure its debt, saying it should take action “sooner than later,” according to Bloomberg.
The country’s two-year yields are now at 23.65%.
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