Brussels (Reuters) - the eurozone budget gap all decreased last year, but the deficits in Greece and the Portugal were higher than expected, underscoring the challenges presented by their austerity programs.
The 17 members of the euro area is struggling to restore confidence in its public finances and to address a debt crisis that has forced the Greece, the Ireland and Portugal for the Fund of the European Union and the Monetary Fund International.
Statistical Office of the European Union, said that the budget gap in the euro area in 2010 was 6.0% of the gross domestic product, down 6.3% in 2009. Public debt, however, rose to 85.1%, 79.3% in 2009.
Eurostat data show that all the countries of the eurozone except Germany, Ireland, Luxembourg and the Austria improved their budget balance last year, even if the debt has increased in all countries of the eurozone except Estonia.
"Collectively, the State of public finances in the euro area is not as bad as in the United Kingdom, the United States or the Japan." The problem, of course, the huge divergence at national level, said Ken Wattret, Chief Economist for BNP Paribas euro-zone.
The Greece and the Portugal were the biggest disappointment, with their budget deficits higher than Government estimates.
Eurostat said that Greece cut his gap from budget to 10.5% of the GDP of 15.4% in 2009. The European Commission and Athens had estimated the deficit at 9.6%.
The Greek public debt exploded at 142,8% of GDP, of 127.1% in 2009.
The Greek Finance Ministry, said the higher deficit was the result of a deeper recession than expected and that the Greece would to achieve objectives within its programme of EU and the IMF.
"The fact that the ratio of Greek deficit for 2010 is now also in double-digit territory should further fuel the debate on the Greek sovereign debt restructuring," said Ralph Solveen, an economist at Commerzbank.
Some German officials have said that the Greek debt restructuring could rely on Berlin, although the official position of the German Government is that there is no plan.
"Figures of today show that lasting stabilization of the finances of the Greek Government is still very far off the coast," Solveen said.
"Whereas last year, the Greece has succeeded in reducing its deficit just less ratio of 5 percentage points from 2009, many observers doubt that these advances will be repeated in the coming years," he said.
Eurostat said that the budget deficit of the Portugal was 9.1% of GDP in the last year, not forecasts of 8.6% by the Government. The final balance of the budget for 2010 is also much higher than the initial objective of Portuguese of 7.3% of GDP.
"The figures of today have reduced opportunities for the Portugal to in fact limit its 2011 to 4.6% of GDP deficit," Solveen said.
"In addition to tax hikes and austerity measures will be necessary - something the IMF and the European Union will probably be also ask in turn for their financial support", he said.
Ireland given its budget deficit more than double 32.4% of the GDP last year, 14.3% in 2009, and its debt increased to 96.2% of 65.6% as the country needed to borrow to bail out its banking sector.
(Additional reporting by George Georgiopoulos)
(Statement by Jan Strupczewski, mounting by Rex Merrifield)
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