Subscribe to the BlogIs Greece finally out of trouble? It looks like it is out of troubles finally. Greece has said its budget revenues in January exceeded its targets - rare positive news for a country in the midst of a debt crisis. Net revenues rose at an annual rate of 16.6%, compared with a target of 10.8%, boosted by a one-off tax on big corporations. Greece's deficit is more than four times higher than eurozone rules allow, and it is trying to reduce it. Proposed government spending cuts have brought massive street protests.
But the figures refer to the central government deficit, not the overall government shortfall measured under eurozone rules, so they do not show the complete picture of Greece's finances.