Greece revises up its 2011 budget deficit, debt figures, citing deeper recession
{{#rendered}} {{/rendered}}Greece has revised up its budget deficit and debt figures for last year, citing a deeper than expected recession and new data.
The national statistical authority said Monday that government overspending in 2011 was 9.4 percent of GDP, compared with an April estimate of 9.1 percent.
The new debt figure is 170.6 percent of GDP, up from 165.3 percent. The authority also slightly revised up the 2010 deficit and debt figures.
{{#rendered}} {{/rendered}}Greece will enter a sixth year of recession in 2013.
The bailout-dependent country is negotiating with its creditors on a new austerity program for the next two years. Until an agreement is struck, Athens will not receive a desperately needed new loan payment originally scheduled for June. Without it, the government will run out of money on Nov. 16.