The EU?s statistics office, Eurostat, issued its final revised accounts for Greece over the past four years. They showed that in 2009, the country?s debt was 126.8pc of gross domestic product (GDP), higher than Italy?s, previously the worst in the EU at 116pc. Greece?s debt is set to jump to 144pc of GDP this year.
The Greek government admitted the deficit this year will be 9.4pc of GDP, rather than the 8.1pc target announced in May, despite an austerity programme of tax increases and public spending cuts.
The yield on Greek 10-year bonds rose to 11.296pc.
The country was driven to the brink of default earlier this year after its borrowing costs leapt, as a result of repeated revisions to its deficit figures and having its credit rating downgraded by Moody?s.
?What looked a very difficult mountain for Greece to climb in terms of getting on a more sustainable fiscal path beforehand, now looks even more difficult,? said Marc Ostwald of Monument Securities.
?Clearly they are paying a very heavy, but justifiable price for their previous omissions and ostensible deceptions - though the complicity of other Euro area members in this, be it that as a result of negligence or wilful self-deceit, cannot be denied.?
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