 Olympic costs took their toll on Greece's budget deficit |
Greece has vowed to ensure next year's budget deficit meets European Union limits by curbing public spending and raising revenue through privatisions. The Greek government said it would also be able to make savings now the huge costs of hosting the Olympics are over.
EU states are expected to have deficits below 3% of gross domestic product but Greece's is set to hit 5.3% in 2004.
Greece's deficit breached the EU cap between 2000 and 2003 as the cost of the Olympics reached 7bn euros(�4.8bn).
"The biggest savings will come from a reduction in Olympic Games costs, which will lead to savings of 1.03% of GDP," finance minister George Alogoskoufis said in a written submission to the EU.
The EU has estimated that Greece's budget deficit would drop to 3.6% of GDP next year.
However, Mr Alogoskoufis said he was confident the government action would see it fall to 2.8%.
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