Despite consecutive austerity packages that the Greek Parliament has voted for over the past 18 months, which the Athens government is desperately trying to apply, the target for a fiscal deficit of 7.8% of the GNP will be missed this year, with the gap likely to reach 9%.

Last year, the 2010 deficit was 10.8% of GNP, while the new package agreed by the 17 Eurozone leaders for Greece on 26 October demands that, after the 'haircut' of the country's sovereign debt by 50%, Gree...

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