New measures of 6,6bil – 8,5% deficit for this year 6,8% for 2012

The die is cast for the measures whereby '11 and '12 will close within their targets, and which were included in the budget draft that will be in parliament on Monday.

After the preceding haggling with the Troika, the cabinet adopted the basic financial terms of the '12 budget and the closure point of the budget of '11.

According to the preliminary budget draft, the deficit for '11 is estimated to reach 8,5% of GDP (18,69bil euros). This translates to a deviation of 0,7% against the original target, which was 7,8% (or 17,1bil euros). The recession "downed" measures of 1,5bil after having reached -5.5% this year, instead of May’s estimation of -3.8%, which was when the mid-term plan was established.

Now, the goal for '12 is a deficit of 6,8% of the GDP (or 14,65bil). It is also confirmed that the expected primary surplus is 3,2 billion or 1,5% of GDP.

To achieve all this it will take additional measures of 6,6bil euros, which have been decided and announced for '11 and '12.

280mil euros that were awarded and were to be paid back in '12 to judicial officers will be added to this amount. They will be paid after the end of the adjustment program during which all Greeks, and particularly wage earners and pensioners, become huge additional burdens. Also, the equation of the special fee for heating oil with that of diesel will apply from October 15, '12.