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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Greece admits breach of bailout terms as audit begins AFP - Tuesday, November 16 Send IM Story Print Greece admits breach of bailout terms as audit begins ATHENS (AFP) - – Greece acknowledged Monday it would breach conditions for a new instalment of a 110-billion-euro bailout as the IMF and European Union began an audit of the country's austerity measures. Greece's Socialist government faced a week of tough talks with its benefactors and although bolstered by sweeping successes in local elections on Sunday, the outlook is still overshadowed by gloom on the economic front. The Eurostat statistics agency issued its final revision of Greece's accounts for the past four years, triggering a new forecast by Athens that its public deficit in 2010 would reach 9.4 percent of output, well above the 8.1-percent target. Greek bond yields, a measure of investor confidence in the country's finances, rose on Monday, with the rate on 10-year paper up to 11.280 percent from 11.184 percent on Friday. Having flirted with insolvency until it was rescued by the International Monetary Fund and EU in May, Greece on Monday sought to reassure its partners that despite the latest figures, it remained on course. It said it had in effect reduced its public deficit by a greater percentage than pledged as part of the 110-billion-euro (150-billion-dollar) EU-IMF rescue. "Despite the revision of the figures, the 2010 deficit reduction is greater than was initially planned, equivalent to six percentage points of GDP when the objective was to get 5.5 percent," the finance ministry said in a statement. The 8.1-percent target was set when Greece's 2009 public deficit was estimated at 13.6 percent of GDP. But as part of the bailout, Greece was obliged to allow Eurostat to review its unreliable accounts and on Monday the EU agency revised the 2009 deficit up to 15.4 percent. The 2009 figure is important because it is the baseline for the amount by which Greece must cut its public deficit this year. The bigger the deficit last year, the more it has to do to meet rescue conditions this year. The announcement was awaited with much concern in Greece as it may entail further deep spending cuts that have already provoked strikes and demonstrations. Greek Communists planned a protest later Monday, with private sector workers aiming to strike on December 15. "The stabilisation of the budget will continue within the objectives defined by the economic and financial programme signed with the European Union, European Central Bank and International Monetary Fund towards a public deficit below three percent (of GDP) in 2014," the Greek finance ministry pledged. On Monday, senior officials from the EU, the European Central Bank and the IMF began a review the government's actions to redress the public finances with structural reforms. The government is to present its 2011 budget to parliament on Thursday. Prime Minister George Papandreou said on Sunday that talks were underway on the possibility that Greece might be able to prolong the period of repayment of the rescue funds beyond the intended date of 2015. The EU-ECB-IMF team will decide at the end of its mission if a third instalment of its rescue package worth 9.0 billion euros will be paid. The country has already received 30 billion euros in exchange for radical austerity measures and deep reforms of the economy. The Greek economy shrank 4.5 percent in the last 12 months, official data showed on Friday. Gross domestic product contracted by 1.1 percent in the third quarter. Papandreou turned Sunday's elections into a referendum on the austerity programme in its first test at the ballot box since the painful reforms began. IMF Chief Dominique Strauss-Kahn praised Greek voters for recognising the need for tough austerity steps. "This has never happened in the past. It has never happened that, despite a programme as tough as the Greeks have had to support, that the population has understood that it is necessary and in the end a majority gave its support to the government in place," Strauss-Kahn said on France Inter radio Monday. The eurozone faced other strains Monday, with tensions high over the state of public finances in Ireland amid denials that it too will need a bailout. 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