Greek budget woes worsen

As inspectors from the European Union , the IMF and the European Central Bank —- the so-called troika — continue to comb through the government’s accounts at the Finance Ministry in Athens it has been revealed that Greece’s massive public deficit grew even bigger in the first 11 months of the year.

Austerity measures continue to shrink the economy making Finance Minister Evangelos Venezelos’ job even tougher.

After meeting with the inspectors, Venezelos told reporters: “We have to keep the core of the Greek economy alive which gives jobs, gives life, to the real economy. These were the major issues we discussed with the troika’s representatives as well as technical issues; also the privatisation programme, because in order to continue privatisations there has to be a market for them.”

Also in Athens, talks ended between officials and private holders of government bonds about how big their losses will be with no agreement, which could delay Greece’s new 130 billion euro rescue package.

Greece’s weakened economy is staggering under the repeated doses of austerity prescribed by its international lenders.

In January the government is expected to announce more trokia inspired cuts including reducing the number of Greek civil servants by at least 150,000 over the next four years.

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