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Markets give up the gains – Greek budget deficit spiked to 13.6 percent of national income in 2009, way more than thought

This article was posted on Apr 22, 2010 and is filed under Market News

Financially-stricken Greece is showing an even bigger budget deficit for 2009 than previously thought.

Figures Thursday from the European Union’s statistics office show that the budget deficit in 2009 as a percentage of economic output was 13.6 percent — up from the previous estimate of 12.9 percent.

The Eurostat figures also show the difficult state of government finances across the EU — Ireland, which has enacted tough pending cuts, had the highest deficit across the 27-nation EU at 14.3 percent of gross domestic product.

The lowest was recorded in Sweden, where the budget deficit was only worth 0.5 percent of the country’s GDP.

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