Greece: Bloated Budget Deficit Is Cut by 46 Percent in First Half

Greece's Finance Ministry says the country's bloated budget deficit has been cut by 46 percent in the first half of the year, exceeding government targets.

A ministry statement says preliminary data show overspending amounted to 9.6 billion euros ($12 billion) on a fiscal basis in the January-June period, compared to 17.8 billion euros ($22.4 billion) in the first half of 2009.

The debt-hobbled government is targeting a 39.5 percent cut this year to bring the deficit from a hefty 13.6 percent of annual output in 2009 to 8.1 percent.

The statement said that while spending cuts exceeded targets, the increase in revenues was below target.

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