Greece continued successfully deficit-cutting efforts and met fiscal discipline goals set for 2012 on the path to recovery from a severe debt crisis, the Greek Finance Ministry announced on Monday.

The Greek state managed to reduce by 34.6 percent on a year-on-year basis the general government deficit from 19.7 billion euros (26.8 billion U.S. dollars) in 2011, which accounted for 9.4 percent of GDP, to 12.9 billion euros in 2012, 6.6 percent of GDP, the ministry said in a press release.

When the crisis started in late 2009 threatening the country with a chaotic bankruptcy and a possible exit from the eurozone, the deficit was more than 15 percent of GDP.

With the support of European Union and International Monetary Fund lenders, Greece has implemented a bold and difficult austerity and reform program which has caused pains to Greek households due to rising unemployment and recession, but has paved the way for the country to exit the crisis. (1 euro = 1.36 U.S. dollars)