Midst of widespread disillusionment with regard to tax revenues this week, revising upward estimates of the budget deficit, the Greek government yesterday released the government budget for 2011, which promises a further 5 billion euros to cut costs. According to the Government, it will lead to a deficiency in 7,4% in 2011, compared with the previous estimate of 9.4% of GDP. Last week, the EU has re-estimated budget deficit for the year 2009 to 15,4% instead of 13.6% previously reported. Finance Minister of Greece announced on improving the lower limit for the consumption tax (from 11% to 13%) and asset sales of 1 billionTalking about the salvation of Ireland postponed until the weekend. Arriving in Dublin yesterday, officials of the IMF and the EU will require a few more days before they actually enter the state of affairs on the Irish banking sector. As one of the representatives of one of the Irish cabinet, the four fiscal plan, which was to be published on 7 December will be devoted to the public next week.
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