Plummeting tax revenue puts Europe's deficit-cutting in doubt

10/28/2010 | New York Times (tiered subscription model), The

Tax revenue collected by several European countries with high debt is falling short of projection, raising concern that they won't be able to narrow their budget gap enough to meet austerity benchmarks. Greece appears headed for a deficit of 8.9% of gross domestic product rather than 8.1%, agreed upon as part of aid from the EU and the International Monetary Fund. Ireland, Spain and Portugal also are having a hard time narrowing their budget deficit.

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