Greece reduces its 2011 budget deficit to 9.6 percent of its gross domestic product (GDP) as 'Troika' comes to Athens

Greece has managed to reduce its 2011 budget deficit to 9.6 percent of its gross domestic product (GDP). According to Greek Economics Minister Michalis Chryssochoidis, that's below the psychologically important 10 percent mark.

Reducing the budget deficit to below 10 percent can be seen as a success given all the doom and gloom surrounding Greece's debt crisis. But one should also point out that 9.6 percent is at least half a percentage point off the mark from the deficit goal for 2011.

As a consequence, Greece has to find a way to save an additional 1.5 billion euros ($1.9 billion), which may give the so-called Troika – comprised of the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF) - cause to take issue with the Greek government.

Note EU-Digest: in comparison: the Greek deficit is 9.6% of GDP while that of the US is 102% 0f GDP.

For more: Greece faces deep structural reform as 'Troika' comes to Athens | Europe | Deutsche Welle | 16.01.2012