BRUSSELS (MNI) – The European Commission expects Greece to revise
up its debt and deficit figures for each of the four years in the period
2006-2009, a spokesman for the EU’s executive arm said on Wednesday.
“There will be a clear upward revision of the deficit and debt
figures,” a European Commission spokesman told reporters, adding that
the possibility of an upward revision in the data had already been
factored in to the European Union and International Monetary Fund’s aid
deal for Greece.
Earlier this year, Greece was offered E110 billion in loans by its
Eurozone partners and the International Monetary Fund in exchange for
implementing a strict set of austerity measures to bring its budget
deficit back below the EU’s stipulated 3% limit.
The spokesman said the Commission “expects an upward revision” in
the data.
He said it concerns both indicators, debt and deficit levels, for
each of the four years, 2006, 2007, 2008 and 2009.
European Union rules require member states to limit their budget
deficits to 3% of their annual GDP and their debt levels to 60% of GDP.
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
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