FinMin Sees Fiscal Deficit Lower than European Commission Estimate

FinMin Sees Fiscal Deficit Lower than European Commission Estimate

An official of Greece's finance ministry said the country expects that its fiscal deficit over 2015 and 2016 will be "well below" 2% of GDP thanks to a successful tourism season this year, Reuters reported.
The official confirmed that the government expected the country’s economy to shrink 3.8% this year and expand by 0.6% next year, paving the way for a smaller than expected fiscal gap for the following two years.
In a report in July, the European Commission estimated the fiscal gap at 2% of GDP over 2015-2016, or about 4 billion euro.
The government hopes to convince its lenders it can cover that budget deficit without new austerity measures.
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