Greece's efforts to cut the bloated budget deficit are lagging behind annual targets although the shortfall has been cut by more than a quarter in the first 11 months of the year, AP quoted the finance ministry as saying Monday. A ministry statement said overspending in the January-November reached ¤18.7 billion ($24.6 billion), down from ¤25.6 billion ($33.6 billion) in the first 11 months of 2009. However, this 27.1 percent reduction falls short of the 33.2 percent cut targeted for the whole of the year, as the increase in revenues remained sluggish despite significant spending cuts. The ministry said revenues, which rose 4.8 percent in the first 11 months _ up from 3.7 percent in January-October _ are expected to pick up further this month, mainly because of end-of-year road tax receipts and a tax amnesty extension. Greece was saved from bankruptcy in May with a ¤110 billion ($144 billion) rescue loan package.
