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Kontogiannis, Dimitris

Eletherotypia, Greece

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Eleftherotypia - Greece | 14/10/2009

Greece and Ireland facing budget deficits

According to expert estimates Greece and Ireland could soon chalk up budget deficits of over twelve percent, the largest in the Eurozone. The daily Eletherotypia compares the economic situations of the two countries: "Ireland has racked up almost 32.5 million euros [in debt] since the beginning of the year, even though the initial target was [just] 25 million euros. In Greece we started with 42 million euros and now we're at 54 million. And it looks very much like we'll pass the 65 million mark by the end of the year. Before we start to compare wer must be aware that Ireland has a smaller population than Greece and thus less need for loans. However the Celts' per capita income is almost double that of the Greeks. Both countries were masters of development in the Eurozone between 1995 and 2007, posting rates of 6 percent [Ireland] and 3.5 percent [Greece] every year."

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