Reuters clinches exclusive on key Greek budget data, makes media splash

Reuters was one hour and 45 minutes ahead of competitors with key figures from the draft Greek budget, showing a deeper than expected recession was taking its toll on deficits and targets would be missed or needed to be revised, complicating efforts to exit a debt crisis shaking the euro. Greek and international media (such as Guardian, BBC, MSNBC, CNBC etc) immediately picked up the news. All eyes are on Greece’s debt woes as Europe tries to put together a second bailout package for the troubled euro zone member and banks are negotiating what losses they are willing to take on Greek bonds. Tapping sources ahead of the official announcement, Reuters secured exclusively the crucial 2011 and 2012 deficit figures, as well as the worse than expected recession for this year, showing that repeated waves of austerity have failed to stem the budget gap from widening and boding ill for next year. Competitors failed to match the Reuters story and had to wait for the official statement.