Greece’s 2010 Deficit Shrinks 36.5%, Beating Target

Greece’s central government budget deficit, which sparked a European debt crisis, contracted by more than a third last year as spending cuts more than offset slower-than-forecast revenue growth.

The gap, which doesn’t include outlays by state-owned institutions and companies, shrank 36.5 percent to 19.6 billion euros ($25.3 billion), according to preliminary data released by the Finance Ministry. The decline was more than the 33.5 percent forecast in the government plan that helped Greece secure a 110 billion-euro bailout from its European partners and the International Monetary Fund. Final data are due on Jan. 20.