Greece's budget cuts amount to 7% of GDP this year and 4% next year (see table), according to Laurence Boone at Barclays Capital.

ECONOMIST: Budget cuts in the euro area

This means it will take longer for the government to reduce its budget deficit - the amount it has to borrow every year because it is spending more than it receives in tax revenue.

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The report also points out that the amount the administration has allotted for small businesses is less than 1% of the fiscal year 2008 budget proposal.

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