1921 GMT [Dow Jones]--UniCredit says Monday that Greece's 2011 draft budget is "bold and optimistic" because it aims to bring the budget deficit down to 7.0%, compared with the 7.6% target agreed with the EU/IMF in May. Tullia Bucco, vice president at UniCredit, said: "Our first take of the 2011 budget is that the fiscal adjustment is bold and appropriate enough to reinforce confidence in the Greek government's commitment to bring the public debt on a sounder footing. However, the pace of tax revenue growth seems to be slightly too optimistic." The bulk of the consolidation effort is on the revenue side, notably through new measures being introduced to widen the tax base, UniCredit added.
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