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Greece Barely Makes Deficit Targets with EU Help!

WASHINGTON — Greece, with the aid of Europe, has beaten its fiscal targets [1] for the first seven months of the year.

greek eu flag [2]Reuters reports [3] that Greece, which has one of the largest debt burdens in the world, was helped by the euro zone central banks and European Union funds.

The Greek government reported a budget surplus of 2.57 billion euros when its target was a deficit of 3.14 billion euros. But this excluded the finances of local authorities and social security organizations.

Also, reports say that Greece received more subsidies than previously anticipated and spent less money on investment projects than planned.

Greece is in its sixth year of a prolonged recession, which had led to outbreaks of violence and riots.

Other countries such as Portugal [4], France [5] and Spain [6] are struggling economically and in Spain, a prolonged recession has led to a spike in crime [7]. Germany, which has buoyed up the euro zone economy so far, cannot hold up the eurozone region for much longer [8].