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Greece: Deficit would be just 1.8% without the "support" to banks!

According to the revised Eurostat data

globinfo freexchange

Another official source, Eurostat this time, confirms that the banks in Greece received billions in bailout packages, leading to the unprecedented enlargement of the national deficit. Of the total 12.2% of GDP revised deficit, 10.4% is due to recapitalization of the banks!

Greece had a smaller than previously reported budget deficit last year, the European Union's statistics office said on Tuesday, as it recalculated data under a new accounting system.”

Eurostat said that Greece had an overall budget deficit of 12.2 percent of gross domestic product in 2013 rather than the 12.7 percent under the old accounting system.”

Of that number, 10.4 percent of GDP is accounted for by money set aside to recapitalise the Greek banking sector, Eurostat said, so the actual government deficit was revised down to 1.8 percent from 2.3 percent under the old accounting system.”


According a previous report by the Hellenic Statistical Authority, 10.6% of the deficit in 2013 is due to the support to banks! Which means that the deficit would be only 2.1% without this support!


Now, the revised data by Eurostat give an even lower percentage for the real deficit, at 1.8% of GDP! Which means that nearly all the money went to save the bankers leaving a devastated Greek economy behind.

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