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Greece debt cutting efforts slow

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Greece debt cutting efforts slow

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Greece’s efforts to cut its budget deficit faltered in July.

Official figures show the debt-laden country missed the fiscal targets that it has to meet to get billions in EU/IMF bailout money.

In the first half of the year it had exceeded those targets and earned praise from EU and IMF officials.

The Finance Ministry blamed the July problems on one-off factors such as higher state spending on interest payments and temporary delays in processing citizens’ tax filings.

It said the 2010 targets can and will be met.