July 27, 2010
€4 billion saved: Papandreou
Reuters has a shoping list of Greek financial news, but one in particular stood out:
"The Greek government has saved up to 4 billion euros from expenditure containment, which could be used to cover any unforeseen spending overruns, financial daily Naftemporiki reported, citing a top Finance Ministry official. Greece's GDP contraction is expected at 3-3.2 percent this year, compared to a 4 percent drop estimated in the EU/IMF memorandum, the paper added citing Finance Ministry sources."
This indicates Papandreou has been able to hold back on spending and created savings marginally better than expected: €4 billion is a minor amount compared to the overall problems plaguing Greek finances, but is still an amount a desperate government would not have been able to set aside.
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