Troika raises objections about Greek 2013 draft budget

FXstreet.com (Barcelona) - According to reports, the Troika hasn't fully accepted Greece's draft budget for 2013, presented by the Greek government on Monday. After holding talks with Finance Minister Yannis Stournaras on the 13.5 billion euro austerity plan, the EU, ECB and IMF inspectors still had reservations about 2 billion euros of the proposed measures.

The budget for 2013 projects a deficit of 6.6% GDP for 2012 and 4.2% for 2013. Greece is supposed to attain a primary surplus before debt servicing of 1.1% GDP in 2013. Still, it is expected that the economy will contract by 6.5% this year and by 3.8% in 2013. Unemployment should rise slightly from 24.4% in 2012 to 24.7% in 2013.

The EU, ECB and IMF inspectors will meet with Greek PM Antonis Samaras at 16 GMT to discuss the situation further.

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