Greece says deficit cut by 42%

Greek Finance Minister George Papaconstantinou said on Monday (July 5th) that Greece has managed to slash its budget deficit by 42% since the beginning of the year. According to the Central Bank, the deficit is now 4.9% of GDP, or 11.45 billion euros, compared to 19.685 billion euros a year ago. Papaconstantinou says Greece has outperformed its target of cutting the deficit by 40% this year.

Separately Monday, Amadeo Altafaj, spokesman for EU Economic and Financial Affairs Commissioner Olli Rehn, refuted media reports Rehn plans a trip to Athens later this month. “Rehn is not planning on visiting Greece … and has no intention [of seeking] additional measures from Athens,” Altafaj said, describing the reports as “unfounded rumours”.