Greece May Miss Revenue Goal, Sell Diaspora Bond, Minister Says
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Greece will likely miss its target for increasing government revenue this year and plans to sell debt to Greeks living outside the country, as it tries to cut the European Union’s second-biggest budget deficit, Finance Minister George Papaconstantinou said.
Greece imposed a series of austerity measures this year, including wage cuts for public workers and higher sales tax to qualify for a 110 billion-euro ($142 billion) EU-led rescue package. The government managed to cut the deficit by more than 30 percent in the first eight months, though revenue only gained 3.3 percent, shy of the 13.7 percent target for the plan.