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  1. Wealth
April 22, 2010

FT: Greece’s true deficit revealed

By Spear's

Greece’s budget deficit last year reached 13.6 per cent of gross domestic product, Eurostat said on Thursday, prompting Moody’s to downgrade Greek debt as two-year bond yields exceeded 10 per cent.

Greece’s budget deficit last year reached 13.6 per cent of gross domestic product, Eurostat said on Thursday, prompting Moody’s to downgrade Greek debt as two-year bond yields exceeded 10 per cent.

The news of the ballooning Greek deficit came as Athens continued to negotiate a bail-out package with the European Commission, European Central Bank and International Monetary Fund.

Greece’s 10-year bonds reached highs of 8.8 per cent and its two-year bonds reached 10.1 per cent – the highest levels since 1998. The cost of insuring Greek government debt against default hit a record high of 616 basis points.

Moody’s then cut its rating on Greece by one notch to A3. The euro slumped to an 11-month low against the dollar of $1.3257, its weakest level since May 2009.

To read the full story, visit ft.com

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