ATHENS, Greece (AP) — Greece has slashed its deficit targets for the next four years following its latest international debt relief deal.
A revised mid-term strategy paper submitted to Parliament foresees the budget deficit shrinking to €7.9 billion ($10.7 billion), or 4.3 percent of the country's annual gross domestic product this year.
That beats the budget target of 5.2 percent, and the previous mid-term target for 2013 of 5.5 percent. The forecasts made public Friday also provide for lower deficits through 2016, when overspending will hit 2.3 percent of GDP.
Greece has survived on international bailouts since 2010, in return implementing deep spending cuts and tax hikes to tame deficits that peaked at more than 15 percent when the economy started to implode in 2009.
The revisions require parliamentary approval.