Friday October 31, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece still needs EU help to stay afloat, Commission says

Greece's debt dynamics have slightly worsened and the bailed-out country still relies on its international creditors to remain fully funded, the European Commission said in a report on Friday.

The European Union's executive expects Greek debt to stand at about 125 percent of gross domestic product in 2020 and at about 112 percent of GDP in 2022, the Commission said.

In its previous analysis of Greek debt sustainability, Greece's lenders saw debt at 124 percent of GDP in 2020 and "substantially below" 110 percent in 2022.

"This deterioration is due to several factors: a lower forecast for nominal GDP, mainly reflecting a deeper adjustment in prices, a somewhat lower forecast for privatisation revenue following delays in privatising government assets and higher arrears clearance compared to the previous revue," the report said.

Greece's projected privatisation revenues through to end-2020 have been lowered by 1.9 billion euros to 22.3 billion euros, according to the report.

Despite the fact that Greece returned to bond markets earlier this month, it still relies on a pledge by euro zone countries to provide it with further help, to be considered fully funded, the Commission said.

The country faces a funding gap of 5.5 billion euros ($7.60 billion) through to end-May 2015, according to the report. Also, the Commission's debt forecasts for 2020 and 2022 are based on the assumption of further debt relief for Athens.

Greece earlier this week qualified for further debt relief from its euro zone partners after European officials confirmed it achieved its first primary budget surplus since 2002, before interest and other one-off items.

Greece's government says it needs no third bailout, after the two ones it has received since 2010. The EU and the IMF have paid Athens more than 215 billion euros since the start of the bailout.

[Reuters]

ekathimerini.com , Friday April 25, 2014 (13:40)  
A year after GD members shot dead, police have no leads
No new Manolada trial, court rules
Greece poised to send reform proposals to troika
Extended summer timetable at museums, sites hailed a success
Power rates soared 60 pct in six years
During the 2008-13 Greek recession, the country endured the steepest domestic electricity rate hikes seen anywhere in the European Union, amounting to a total of 60 percent over the six year...
NBG chairman sees risks to recovery
The chairman of National Bank of Greece warned on Thursday that political, economic and geopolitical risks pose a threat to the country’s recovery. “Unfortunately we made too much noise and ...
Inside Business
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Obradovic watches Greens thrash his Fenerbahce
2. Berg returns to add spice to Panathinaikos´s Cup win
3. Power rates soared 60 pct in six years
4. NBG chairman sees risks to recovery
5. Greek consumers shift toward money saving
6. IMF could offer know-how in backup plan for Greece
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. European stocks tumble as banks decline after Enria’s comments
5. Civil servants to be investigated for transferring money abroad
6. Over 1,500 buildings and vehicles damaged in flash floods
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.