Eurostat announced on Tuesday that the deficit of the General Government for 2010, is estimated at €24.2b (10.5% of Gross Domestic Product), while the gross consolidated General Government debt at year-end 2010 is estimated at a nominal value of €328.6b (142.8% of GDP), according to provisional data.
It is expected to increase the adjustment measures by around €2.5b.
The above should be added to the projected deviations of 2011, which are expected to exceed €4-4.5b, according to a “middle-course” scenario.
This image will get a certain size and content in the May, when the troika officials arrive.
According to European Union officials, there are growing discussions regarding how Europe should deal with a possible Greek program’s failure to bring back the country in the markets next year.
European Central Bank consider risky that Greece’s example of implementation of the Memorandum of Understanding will shape the expectations of markets regarding countries, which will join the program, such as Portugal. It would be very critical for neighbouring Spain because of its major economic ties with Portugal.
In 2010 the largest government deficits in percentage of GDP were recorded in Ireland (-32.4%), Greece (-10.5%), the United Kingdom (-10.4%), Spain (-9.2%), Portugal (-9.1%), Poland (-7.9%), Slovakia (-7.9%), Latvia (-7.7%), Lithuania (-7.1%) and France (-7.0%).
(source: capital)
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