Friday September 19, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Primary surplus puts troika talks in new context

 A deal is near if estimates are confirmed

By Sotiris Nikas

Provisional data point to a record primary surplus in 2013, which, if proven correct, will mean there will be no need for new austerity measures this year. Sources say that the technical team representing Greece’s creditors, which arrived in Athens on Tuesday, has the sole objective of establishing whether the data that the Finance Ministry has submitted about the 2013 budget execution is correct.

The stakes are high as, according to an official involved in the talks, the early data show a primary surplus that “may exceed 1.5 billion euros.” The same official said that if the troika of European Commission, European Central Bank and International Monetary Fund representatives confirm that revenues exceeded expenditure by over 1.5 billion through measures of a permanent character, then “it will be very difficult for them to ask for new ‘tough’ measures” – i.e. salary and pension cuts and new taxes.

If that proves true, it will offset to a great degree the pressure that the government has been under from the troika, as well as from within the country, for a long time. So far Greece’s creditor representatives have not withdrawn the possibility of new measures for this year from the negotiating table, with the IMF going so far during meetings as to imply that the interventions should concern pension cuts.

Confirmation of a high primary surplus for 2013 will also have an immediate impact on the 2014 budget: If the surplus exceeds 1.5 billion it will cover most of this year’s fiscal gap, estimated at between 1 and 1.5 billion euros. Greece had proposed a number of other measures to that end – though no “tough” ones – the majority of which the troika has already rejected.

A considerable primary surplus in 2013 based on permanent measures will further create a positive momentum for Greece ahead of its return to the international money markets, which the government intends to see before the European elections.

Officials at the Finance Ministry are maintaining a wait-and-see stance for now and avoiding any predictions, although the course of state revenues in the first month of 2014 has been satisfactory and within targets, while projections for February show revenues will easily beat their monthly target.

ekathimerini.com , Tuesday February 4, 2014 (22:48)  
Local lenders draw 5 bln for loans to SMEs
Tourism drives jobless rate down
Hardouvelis asks for some room to breathe
Athens could miss out on last bailout installment
Police, protesters clash during rally to mark Fyssas killing
Greek police fired teargas at protesters who hurled petrol bombs and stones in Athens on Thursday during a rally marking one year since the killing of an anti-fascism rapper by a far-right G...
Prescription limit to rein in EOPYY spending
In a bid to rein in its expenses, the country’s largest healthcare provider, EOPYY, is to announce a limit in the coming days on the number and type of diagnostic tests that doctors affiliat...
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
High stakes after the Scottish vote
We will soon know whether the Scots voted for their country’s independence or whether they will remain citizens of the “United Kingdom of Great Britain and Northern Ireland.” What was alread...
COMMENTARY
Greek society’s and lenders’ fatigue
The issue of early elections continues to dog the coalition government despite all the official denials. That the administration is losing its cool is obvious. The political discourse has no...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Triumph for PAOK, historic result for Asteras in Europa League
2. Local lenders draw 5 bln for loans to SMEs
3. Tourism drives jobless rate down
4. Hardouvelis asks for some room to breathe
5. Athens could miss out on last bailout installment
6. Police, protesters clash during rally to mark Fyssas killing
more news
Today
This Week
1. SYRIZA ahead of ND, new opinion poll shows
2. Extradited Greek couple to face magistrate in Athens
3. National Bank of Greece said to pick advisers for Turkish sale
4. Unemployment at 26.6 percent in second quarter of 2014
5. Man's charred remains retrieved from vehicle following accident
6. Bank of Cyprus sells UK loan portfolio
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. SYRIZA spokesman suggests gov't sought to stop NERIT airing Tsipras speech live
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.