They might be wrong about the deficit!
They might be wrong about the deficit!
They shaved off 3.8 billion from salaries, pensions, healthcare and insurance, but just five days after the budget deposition, the numbers are out of whack
"Out of whack", out of fear of writing "out of control", is the best description for the fiscal situation and the numbers published in the Hellenic Budget only a few days ago, which do not seem attainable.
According to the available data compiled from the ten-month budget of January to October of 2010, the country's deficit has settled on 17,334 million Euros from its former-year, 2009 predecessor deficit amounting to 24,833 million. The diminishing deficit has transitioned 30.2%, not quite reaching the original plan of 33.2%, according to the 2011 Budget that was presented in Greek Parliament on the 18th of November 2010.
On the matter of year's end, the revised aim the budget set, which had "scared off" the markets, is a deficit of 9.4% at 21.9 billion. If this abating rate continues, we will be lacking around 3.5 billion!
The Ministry of Economics is predicting a substantial increase of revenue during the last two months of the year, especially because of the introduction of new measures concerning taxation fiscal differences, tax collections on properties and taxation of vehicles for 2011.
The reduction in the deficit between January and October of 2010, is mainly based on a cut of government spending and an increase in revenue, compared to the year before.
The fiscal budget spending in the space of those ten months was reduced by 7.1%. The primary costs are reduced by 11.2% against a yearly aim of a 9% reduction, while taxes have increased by 5.5% , instead of a planned 7.6% The reduction of primary spending is mainly due to the decrease in costs for Healthcare and Insurance (a reduction of 1.,526 million euros compared to 2009), plus the reduction of operational costs and various other costs (reduced by 1,022 million). Last but not least, Salaries and Pensions has also shown a decrease of 1,265 million.
The revenue of the budget has risen by 3.7% compared to the previous year. The improvement of profits during those ten months is due mainly to the increase of the income tax, which amounts to a total of 15% improvement in February.
According to the available data compiled from the ten-month budget of January to October of 2010, the country's deficit has settled on 17,334 million Euros from its former-year, 2009 predecessor deficit amounting to 24,833 million. The diminishing deficit has transitioned 30.2%, not quite reaching the original plan of 33.2%, according to the 2011 Budget that was presented in Greek Parliament on the 18th of November 2010.
On the matter of year's end, the revised aim the budget set, which had "scared off" the markets, is a deficit of 9.4% at 21.9 billion. If this abating rate continues, we will be lacking around 3.5 billion!
The Ministry of Economics is predicting a substantial increase of revenue during the last two months of the year, especially because of the introduction of new measures concerning taxation fiscal differences, tax collections on properties and taxation of vehicles for 2011.
The reduction in the deficit between January and October of 2010, is mainly based on a cut of government spending and an increase in revenue, compared to the year before.
The fiscal budget spending in the space of those ten months was reduced by 7.1%. The primary costs are reduced by 11.2% against a yearly aim of a 9% reduction, while taxes have increased by 5.5% , instead of a planned 7.6% The reduction of primary spending is mainly due to the decrease in costs for Healthcare and Insurance (a reduction of 1.,526 million euros compared to 2009), plus the reduction of operational costs and various other costs (reduced by 1,022 million). Last but not least, Salaries and Pensions has also shown a decrease of 1,265 million.
The revenue of the budget has risen by 3.7% compared to the previous year. The improvement of profits during those ten months is due mainly to the increase of the income tax, which amounts to a total of 15% improvement in February.
Costs of lower and higher education have been wrangled by 24.6% and profits have decreased by 3.3%
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