Thursday March 5, 2015 Search
Weather | Athens
20o C
11o 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)  
ECB says willing to restore financing for Greek banks once deal is reached
Court blocks sale of luxury Astir seaside resort
Greece cannot rely on ECB to dodge funding crunch, Draghi says
ECB keeps rates unchanged as investors await QE details
Samaras says those wanting ND leadership change to speak out
New Democracy leader Antonis Samaras on Thursday expressed his willingness to stay on as party chief following the January 25 election which saw New Democracy losing out to leftist SYRIZA wh...
Kasidiaris refuses any involvement in Baltakos recording
Golden Dawn MP Ilias Kasidiaris on Thursday faced an investigative magistrate in a case involving the secret recording of a conversation with former cabinet secretary Panayiotis Baltakos, a ...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a sacrifice to win trophies or leave. "Olympiakos ...
Inside Sports
COMMENTARY
Greek-Turkish relations
There are other issues beyond those focusing on the economy that the government, formerly of the Indignants and currently adapting willingly or unwillingly to eurozone realities, is fa...
EDITORIAL
Government policy
The issue of irregular immigration is taking on serious dimensions on an international level, while in Greece it is bordering on crisis levels. The governments duty is to handle the issue w...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Samaras says those wanting ND leadership change to speak out
2. ECB says willing to restore financing for Greek banks once deal is reached
3. Court blocks sale of luxury Astir seaside resort
4. Greece cannot rely on ECB to dodge funding crunch, Draghi says
5. ECB keeps rates unchanged as investors await QE details
6. Kasidiaris refuses any involvement in Baltakos recording
more news
Today
This Week
1. Greek-Turkish relations
2. Greece struggles to make debt math work amid bailout standoff
3. Greece seeks to plug its 'Bermuda Triangle' of lost taxes
4. Greece has backup plan if March bailout cash fails to arrive, says Varoufakis
5. Draghi details sought as ECB's QE plan poised to be fleshed out
6. Government policy
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Varoufakis to make six reform proposals at Monday's Eurogroup
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.