Despite all fears, the Greek government is claiming that the country is still on track, cutting its budget deficit to 8.7% by the end of the year. Words of optimism came after the deficit was cut back almost in half in the first quarter reaching 4.3 billion euros after recording 7.1 billion the previous year; equaling a staggering 40%!

The Greek Finance Minster, George Papaconstantinou, had announced in an official website that the decline in the deficit occurred even before all of the measures the government had promoted have taken affect.