Greece in Violation of Deficit Conditions

On the eve of receiving its latest installment of the 110 billion euro (US$150 billion) bailout from the IMF and European Union, it was revealed that Greece was in violation of one of the conditions attached to the bailout. In return for the emergency funding, Greece was expected to maintain the deficit at no more than 8.1 percent of GDP. Greece also agreed to allow the EU to review its notoriously unreliable accounting practices to compliance. On Monday, the EU said that the actual deficit was currently 15.4 percent of GDP.

Source: AFP News

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