Saturday September 20, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Budget shows primary surplus for 2012

 In the first 11 months of last year, general government revenues outpaced expenditure by 2.3 bln euros

By Sotiris Nikas

The general government budget showed a primary surplus of 2.3 billion euros in the first 11 months of 2012, the General State Accounting Office announced on Wednesday, compared with a primary deficit of 3.6 billion euros in the same period in 2011, a very positive sign for the fiscal state of Greece. Nevertheless state debts to the private sector soared to 9.3 billion euros, from 6.7 billion in the first 11 months of 2011.

Referring to the course of the budget, Finance Minister Yannis Stournaras stated on Wednesday that we are within the targets, as in December the target for a deficit of 1.5 percent of gross domestic product will be achieved and we may actually fare even better than that, but I will remain a little reserved until we get to see the actual figures.

There was only a small primary deficit of 353 million euros in the state budget (strictly concerning central government revenues and spending) in the same period.

The achievement of a primary surplus in the year to November is attributed to the major containment of general government spending. In the January-November period expenditure amounted to 89.9 billion euros, down from 100.7 billion in the same period in 2011. Revenues meanwhile grew from 92.3 billion to 97 billion within a year.

These positive developments regarding the execution of the budget illustrate that the effort for fiscal sanitization, adjustment and discipline is bearing fruit, Alternate Finance Minister Christos Staikouras said in a statement.

He added that conditions are in place for the gradual restarting of the economy so that the country can leap out of the deficit cycle into one of sustainable development on solid ground.

Still, the positive course of the budget has clearly been achieved at the expense of third parties as the state has seen its debts to the private sector grow by 2.6 billion euros within a year. The biggest share of that (4.4 billion euros) concerns debts of the social security funds.

With the [bailout] tranche we have received we will be able to repay these debts in the first half of 2013, provided of course that the ministries submit specific data, said Stournaras.

ekathimerini.com , Wednesday Jan 2, 2013 (22:57)  
Record sum of new debts to the state in August
Greece can meet its needs on its own
Cyprus civil servants strike called off
Elliniko investors eye Cyprus project warily
Results of probe into 20 Lagarde list names due soon
Members of the Financial Crimes Squad (SDOE) and tax inspectors involved in an investigation into the so-called Lagarde list of Greeks with Swiss bank accounts expect to be able to announce ...
Police refute reports of Jihadi training
Greece is not a training ground for Jihadis, the Greek police said in a statement released late on Friday in response to reports in the local media claiming that radical Islamists have been ...
Inside News
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Results of probe into 20 Lagarde list names due soon
2. Police refute reports of Jihadi training
3. Govt drafts plan to secure exit from memorandum
4. Greek commuters have relatively long wait
5. IKA uncovers benefits scam at Kerameikos branch
6. Man dies in well accident
more news
Today
This Week
1. Greece can meet its needs on its own
2. Record sum of new debts to the state in August
3. Results of probe into 20 Lagarde list names due soon
4. Govt drafts plan to secure exit from memorandum
5. Special guard arrested over extortion, bribery
6. Climber rescued on Mount Olympus
Today
This Week
1. Greece on standby
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Democracy under Pressure | Live Streaming
6. Lessons not learned
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.