BGN Entrepreneur

Greece was poised to pass a deficit-cutting budget in the early hours of this morning as the government sought to reassure the markets of its commitment to fiscal consolidation. Approval was assured, given the socialist Pasok party’s 160-seat majority in the 300-seat parliament.
The 2010 budget projects a deficit of 9.1% of gross domestic product, compared with an estimated 12.7% deficit for 2009. That took the markets by surprise, opening the way for downgrades of Greece’s credit status by all three big ratings agencies.
George Papaconstantinou, the finance minister, has set next year’ s budget deficit target even lower, at 8.7% of GDP, banking on a mix of spending cuts and revenue-enhancement measures to do the job.

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