However the Minister Georges Papaconstantinou said that 39

Saturday day was certainly one of the most tense in Greece since the breakup of its sovereign debt crisis. In the Macedonian port city of Thessaloniki was facing some 20,000 angry demonstrators against the plan draconian austerity of the Socialist Executive and Georges Papandreou, the Prime Minister, who has made an important speech. The party turned to the advantage of the latter, which has made no concession to the street. However, aware of the deepening recession, he made a grant of size companies by announcing an acceleration of the decline in profits tax, from 24 to 20 next year, three years earlier than planned. The Prime Minister has certainly comforted in its approach by recent polls, giving his party a clear step ahead of conservative rivals. If the Greeks went to the polls today, Pasok would get more than 29 of the vote, compared with slightly more than 21 in opposition. Also, Georges Papandreou could not afford to gap in view of the strict surveillance of the public accounts of Athens by international donors, the IMF and the European Union. Today, a new mission of the latter joined the Greek capital to check the status of the implementation of the remedial action plan. The experts of the three institutions should stay in the country about 15 days. Their mission is the last before the month of October, which will result like that concluded in early August, by a formal review of step.

"Lack of revenue"

In the meantime, Friday, the IMF and the European Union gave the green light for the release of the second instalment of the loan (EUR 9 billion) to the Greece. For the Deputy Director of the IMF, Murilo Portugal, "the Greek authorities have given a good start to their economic program" and "their determination to implement it starting to bear fruit." The marks has been given the same day where it was reported by the Ministry of finance in Athens that the public deficit (excluding expenses of local government and social protection) declined 32.2 on an annual basis on the first eight months of 2010, against a target that the Government was set for the whole of the year of 39.5. The Finance Minister explained that "the reduction of the deficit was temporarily slowed due to a high accumulation of payments of interest in July and August, which represent approximately 40 of the annual debt service, but also due to a lack of revenue". However, the Minister Georges Papaconstantinou said that 39.5 of contraction of the public deficit target will be reached from here in December. Tax revenues have increased to 3.3 between January and August, while on the whole of the year the Executive table on a 13.7 growth. The cost of refinancing to which the country is submitted, it is noted that Friday, the Greek 10-year rate was 11.6 against 2.2 for the German titles. The Greek treasure was a gap between these two titles to the disadvantage of the Athenian debt of the order of 5. It is the account. Yesterday, Georges Papandreou has taken note of this state expressly excluding any Greek debt restructuring project.