Greece gets brief financial respite

Greece has said it exceeded budget revenue targets last month – earning the country some respite amid the ongoing fallout from its spiralling debt crisis.

The heavily-indebted nation said revenues increased at an annual rate of 16.6% in January, compared to a target of 10.8%.

The positive growth figure was inflated, however, by a one-off corporations tax.

Greece's debt woes - its deficit is more than four times higher than eurozone laws allow - has hurt the euro and triggered fears its troubles could spill over into the rest of Europe.

The country is looking to issue bonds to pay off debt maturing in April and May. But in the latest setback, some German banks, including Deutsche Postbank, Commerzbank unit Eurohypo, have said they will not be buying the government bonds.

Yesterday, Greece greatly threatened its chances of an EU bail-out by slamming Germany over war-time atrocities and accusing Italy of hiding public debt.