Greece Claims Deficit Slashed by 42%, Vows to Continue Cost Cutting Measures for Further Reductions

The Greek government has claimed the country has managed to cut its deficit by 42% over the first six months of the year and has vowed to further reduce that deficit with hopes that it will be able to borrow money from financial markets sometime next year.

Greece is facing tough restrictions by the IMF and EU as part of an $88 billion emergency loan that had been extended earlier this year. Monday’s figures represent a dramatic turnaround for a country on the brink, cutting a 19 billion euros deficit to 11.5 billion euros.

Over the first six months Greece’s deficit stood at 4.9% of GDP and under the current plan the government is eying a full-year deficit of 8.1% of GDP, a marked drop from last year’s 13.6% of GDP.

While the government has managed to cut spending by 15% and reduce the deficit it has come at a serious cost as public spending cuts has led to numerous strikes and demonstrations throughout the country.

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