BREAKING NEWS

EU official: extra fiscal measures may be needed

By ASSOCIATED PRESS

OCTOBER 25, 2010 01:55

ATHENS, Greece — The European Commission official overseeing Greece's fiscal adjustment efforts said Sunday the nation may need to make deeper budget cuts or raise additional taxes in 2011 to make up for disappointing efforts to collect tax revenue.

Servaas Deroose was quoted by Real News, a Sunday newspaper in Greece, as saying: "The results of the effort to improve tax revenue and limit tax evasion are below expectations."

He said the 2011 budget deficit target of 7.6 percent of GDP must be maintained and that achieving it may require additional measures, either on the expenditure or the revenue side.

Next month, the EU's statistics agency, Eurostat, is to expected to revise Greece's 2009 deficit to 15 percent of GDP or higher, from the current projection of 13.6 percent.

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