REPORT: Greek Budget Shortfall Twice As Bad As Estimated

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Greece’s bailout funds are contingent upon its ability to close its budget deficit.However, according to a new report from Germany’s Spiegel newspaper, the debt-laden country’s deficit may be much larger than previously expected.

The Greek government’s budget deficit is bigger than expected and currently amounts to some €20 billion ($26 billion), according to preliminary estimates by the so-called troika made up of the European Commission, European Central Bank and International Monetary Fund, SPIEGEL has learned. The figure is almost double previous estimates.

Meanwhile, the troika (i.e. the ECB, EU, and IMF) has yet to report on their review of Greece’s financial situation.

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