A Greek parliament report says the country’s debt is “out of control” and warns Greece will miss its budget deficit target for the year.

Parliament’s State Budget Office blames government delays in implementing economic reform, long-standing tax collection problems, and the overall slowdown of the global economy.

Finance Minister Evangelos Venizelos has already said the Greek economy will shrink more than 4.5 percent this year — up from an earlier forecast of more than three percent.

Last’s year’s $159 billion bailout from the European Union and International Monetary Fund has done little to bolster the Greek economy. Greece is negotiating with the European Union on the final touches of a second multi-billion dollar bailout.