Sunday November 23, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Athens expects 2015-2016 fiscal gap at 1.9 bln euros

 No new measures, cuts included in revised midterm fiscal plan

By Sotiris Nikas

The government is anticipating a fiscal gap of 1.9 billion euros in the 2015-2016 period, according to the revised midterm fiscal plan it submitted to Parliament on Wednesday, while expecting auxiliary social security funds to require some 580 million euros from 2014 to 2017 to cover their needs.

Athenss forecast for the fiscal gap is less than half of what its creditors had expected, i.e. 3.9 billion euros, as recorded in a recent European Commission report. Crucially the plan includes no new fiscal measures, with the Finance Ministry insisting that the 1.9-billion-euro gap can be eliminated under certain conditions.

The Greek government estimates that the satisfactory execution of this years budget, faring considerably better than its targets and with the application of structural interventions and the gradual improvement in cash flow, combined with the broader growth initiatives to be announced soon, will wipe out any fiscal shortfall there may exist now for the years 2015 and 2016, said Alternate Finance Minister Christos Staikouras.

The issue of how the 2015 fiscal gap estimated by the government at 911 million euros and by the Commission at 2 billion will be covered will be discussed with the representatives of the countrys creditors in September in the context of the drawing up of the draft budget for next year. Ministry officials are optimistic there will be no need for any new measures and definitely no new cuts to salaries and pensions or tax hikes.

The more successfully fiscal targets are met, the faster the burden on taxpayers can be reduced, the government has pledged. In this context a senior ministry official said a reduction in the special consumption tax on heating oil is likely, along with the maintenance of the low value-added tax rate of 13 percent on food services.

As for the state debt, the plan foresees it falling to 139.1 percent of gross domestic product in 2018, i.e. 14 billion euros below the estimate by the International Monetary Fund.

ekathimerini.com , Thursday May 1, 2014 (22:12)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. PASOK nixes Papandreou leadership challenge
2. Piraeus nightclub shooting leaves 3 seriously injured
3. Climate change to hit farming, Greek coastline
4. Fitch keeps Greek rating at B, outlook stable
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests govt nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.