Things are worse in Greece than had previously been realised (although it’s not clear whether old deficit numbers, as bad as they were) were ever believed.
The European Union statistics agency Eurostat on Monday revised Greece’s 2009 fiscal deficit to 15.4% of gross domestic product, up from a previous estimate of 13.6%, and said it was lifting its reservation on Greece’s budget data. The agency said Greece’s national statistical agency addressed all of the issues flagged by Eurostat over the reliability of its data. Total public debt was estimated at 126.8% of GDP.
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