A 3.4-billion-euro "black hole"

There is a large but manageable gap when it comes to fulfilling the goals that our country is committed to towards the EU, according to the new published numbers for the economy.

And although the goals have been re-evaluated and the expectations of the Troika have been lowered to about 1 billion euros, the  first 7 months of 2011 show a "black hole" of 3.4 billion euros

According to the data, the deficit has increased by 24,6% in the months of January to July 2011, and total state revenue has decreased by 6,4%.

According to an announcement from the Ministry of Finance, although increased, the deficit is within the bounds of the new goal of 16,475 billion euros, as defined after the Mid Term plan; however, revenue points to a “black hole” of 87 million euros less than what was asked.

The announcement clarifies that the lack of revenue is mostly due to specific taxes not having been collected yet, as well as the decrease in income relating to all tax payers, whereas the increase in expenses is mostly due to the expenditure on interest, the public insurance funds and the Unemployment Office, as well as hospital expenses.