It’s not all doom and gloom in euroland. Germany and France are plainly struggling but until recently at least it seemed that the Greek economy was faring well, with a budget deficit that looked prudent compared with those of the single-currency area’s two biggest powers.
Now Eurostat, the European Commission’s statistical office, has produced a restatement of Greek public finances that puts more pressure on the government to reduce its high debt/GDP ratio before the economic impetus from EU transfers and the 2004 Olympics wanes.
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