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Greece budget shortfall almost double what was thought-reports

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Greece budget shortfall almost double what was thought-reports


There could be more financial trouble ahead for the Greek Prime Minister Antonis Samaras and his conservative-led coalition according to a report in the German magazine Der Spiegel.

The magazine says Athen’s budget shortfall is almost double previous estimates.

Figures show the gap is around the 20 billion euros mark with Der Spiegel citing preliminary findings by the so called Troika – the European Commission, European Central Bank and International Monetary Fund.

The country can only receive the next tranche of financial aid once its budget gap is closed. Eurozone officials admit the 173 billion euro bailout plan agreed with Athens in March is badly off track.

The news comes as the results of a poll shows a majority of Greeks believe new austerity measures introduced by the government to meet conditions of the bailout are unfair and hurt the poorest sections of society.

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